PBGC Grants Ohio Transportation Pension Plan Funding Request

The Building Material Drivers Local 436 Plan will receive around $95.2 million in funding, including interest to the expected date of plan payment, from the Pension Benefit Guaranty Corporation, according to the agency Monday.

The Cleveland-based plan, which was projected to run out of money in 2026, covers 1,461 participants in the transportation industry.

The PBGC said it has approved over $47.4 billion in special financial assistance to plans as of May 1 through the SFA Program, which was implemented under the American Rescue Plan Act of 2021 to provide funding to underfunded multiemployer pension plans.

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