PBGC Approves Furniture Workers Pension Plan Funding Application

The Pension Benefit Guaranty Corporation has approved the funding application submitted by the United Furniture Workers Pension Fund A, according to the agency Monday.

The Nashville-based plan, which covers 8,434 participants in the manufacturing industry, will receive $214.6 million in special financial assistance, including interest to the expected date of plan payment, the PBGC said.

The agency’s Multiemployer Insurance Program will also be repaid $50.8 million. This encompasses the plan’s outstanding loans with interest for the financial assistance the PBGC provided beginning in September 2017 and ending on the expected payment date of SFA to the plan, the agency ...