The Pension Benefit Guaranty Corporation has approved the Special Financial Assistance application submitted by New York-based Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan, according to the agency Thursday.
The plan, which covers 45 participants in the construction industry, became insolvent in November 2020, according to the PBGC.
The Painters Local 466 Plan will receive $5.4 million, and the agency’s Multiemployer Insurance Program will also be repaid $0.5 million, the agency said.
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.