The Freight Drivers Local 557 Plan in Baltimore, Md., will receive nearly $192.8 million after the Pension Benefit Guaranty Corporation approved its application to the Special Finance Assistance Program, according to agency Tuesday.
Previously, the plan was expected to run out of money in 2023. With the assistance, however, it will continue to pay worker retirement benefits without reduction, PBGC said.
The plan covers 2,273 participants in the transportation industry, the agency said.
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