The Pension Benefit Guaranty Corporation has approved the Special Financial Assistance Program application submitted by the Local 805 Pension and Retirement Plan, based in New York City, the agency said on Tuesday.
The plan, which covers 2,003 participants in the transportation industry, implemented a benefit suspension under the Multiemployer Pension Reform Act of 2014 and was partitioned into two plans on Jan. 1, 2019, according to the PBGC.
The Local 805 Plan will receive $118.3 million in SFA, including interest to the expected date of payment, and PBGC’s Multiemployer Insurance Program will be repaid $17.8 million, according to the agency. ...
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