Service Industry Pension Plan Approved for Financial Assistance

The Pension Benefit Guaranty Corporation has approved the United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan for special financial assistance, the agency said Friday.

The UFCW Local 152 Plan, which is based in Mount Laurel, N.J., covers 10,252 participants in the service industry in New Jersey, Pennsylvania, and Delaware, according to the PBGC.

It will receive around $279.3 million in special financial assistance, the PBGC said. The plan was projected to become insolvent and run out of money in 2029.

The SFA program was implemented under the American Rescue Plan Act of 2021 to provide ...