The Pension Benefit Guaranty Corporation has approved the Ironworkers Local 16 Plan for special financial assistance, according to a Wednesday news release.
The plan, which is based in Baltimore, Md., covers 996 participants in the construction industry, the PBGC said.
It will receive $75.8 million through the Special Financial Assistance Program.
The program was enacted under the American Rescue Plan Act of 2021 to allocate funding to severely underfunded multiemployer pension plans, the agency said. As of Wednesday, it’s approved about $53.1 billion in SFA to plans that cover over 764,000 workers, retirees, and beneficiaries.
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