Teamsters Pension Plan Approved for Special Financial Assistance

The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance Program for the Teamsters Local 641 Pension Plan, according to the agency Thursday.

The plan, which covers 3,610 participants in the transportation industry, became insolvent in March 2021, according to PBGC.

The plan will receive $503.9 million in SFA, including interest to the expected date of payment, and PBGC’s Multiemployer Insurance Program will be repaid $13.0 million, PBGC said in a statement.

This story was produced by Bloomberg Law Automation.