California Construction Pension Gets $436 Million PBGC Bailout

The Pension Benefit Guaranty Corporation has approved an application for $436.3 million in special financial assistance submitted by the Southern California Glaziers Plan, the agency said Tuesday.

The plan based in Covina, Calif. covers 3,606 participants in the construction industry and became insolvent in January 2009. The new PBGC bailout will enable the plan to pay retirement benefits without reduction for many years into the future, the agency said.

The Special Financial Assistance Program was enacted under the American Rescue Plan Act of 2021 to allocate funding to severely underfunded multiemployer pension plans.

It’s so far approved about $53 ...