The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the Moving Picture Machine Operators Plan, the PBGC announced Wednesday.
The plan, based in New York City, covers 542 participants in the entertainment industry. The plan will receive approximately $20.7 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.
This story was produced by Bloomberg Law Automation.
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.