PBGC Pays $887 Million to Rescue National Integrated Group Plan

The Pension Benefit Guaranty Corporation has approved a Special Financial Assistance Program application submitted by the National Integrated Group Pension Plan, according to PBGC Thursday.

The Scranton, Pa-based plan will receive close to $887.1 million in special financial assistance. It covers 48,254 participants in the manufacturing industry and was scheduled to run out of funds by 2034, the agency 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 Thursday, it’s provided about $49.7 billion to plans that cover over 687,000 workers, retirees, ...