The Pension Benefit Guaranty Corporation has approved a supplemented application for funding submitted by the Union, N.J.-based Local 408 International Brotherhood of Teamsters plan, the agency said Tuesday.
The plan applied for the cash under the Special Financial Assistance Program that was enacted under the American Rescue Plan of 2021 to bolster underfunded multiemployer pensions.
The Local 408 plan covers 1,058 participants working in transportation, the agency said.
It will receive around $6.4 million, in addition to the $100.5 million approved for the plan in January 2022, according to the agency.
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