PBGC Approves Funding for California Retail Clerks Pension Plan

The Pension Benefit Guaranty Corporation has approved the application for special funding submitted by the Retail Clerks Specialty Stores Pension Plan in Concord, Calif., according to a Tuesday news release.

The Retail Clerks Plan, which covers 1,279 participants in the service industry, will receive $60.4 million as part of the Special Financial Assistance program, including interest to the expected plan payment date, the PBGC said.

The SFA Program was implemented under the American Rescue Plan Act of 2021 to provide funding to severely underfunded multiemployer pension plans. As of Tuesday, it’s approved about $51 billion to plans that cover ...