The Pension Benefit Guaranty Corporation has approved the Mastic, N.Y., based-Longshoremen Local 1730 Plan for the Special Financial Assistance Program, the agency said in a press statement issued Tuesday.
The plan, which became insolvent in November 2020, covers 478 participants in the transportation industry.
It will receive $59.1 million, including interest to the expected date of plan payment, and PBGC’s Multiemployer Insurance Program will be repaid $2.9 million.
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