Alabama Pension Plan Receives Financial Assistance From PBGC

The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the Retail, Wholesale and Department Store International Union and Industry Pension Plan, according to the PBGC Thursday.

The plan, based in Birmingham, Ala., covers 21,079 participants nationwide in the food processing, retail, and manufacturing industries. It will receive approximately $261 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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