The Pension Benefit Guaranty Corporation approved the application submitted to the Special Financial Assistance Program by the Legacy Plan of the UNITE HERE Retirement Fund, agency announced Wednesday.
The plan, based in White Plains, NY, covers 91,744 participants in the hospitality industry. The plan will receive approximately $868.8 million in special financial assistance, including interest to the expected date of payment to the plan.
The SFA program was implemented under the American Rescue Plan Act of 2021 to provide assistance to severely underfunded multiemployer pension plans.
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