The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the Arizona Bricklayers’ Pension Trust Fund, according to the PBGC Thursday.
The plan, based in Phoenix, covers 666 participants in the construction industry, according to the announcement. The fund will receive approximately $10.6 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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