Texas Cement Mason Pension Plan Gets Approval for Extra Funding

The Pension Benefit Guaranty Corporation has approved the application for supplemental funding submitted by the Cement Masons Local 783 Pension Plan, according to PBGC Wednesday.

The plan, based in Houston, Texas, covers 51 participants in the construction industry, the agency said.

The plan will receive approximately $16,800 in supplemented special financial assistance, according to the PBGC. The plan was originally approved for $4.5 million in SFA in April 2022 under an interim final rule.

The funding is part of the American Rescue Plan Act of 2021. The program has currently approved over $45.9 billion for severely underfunded multiemployer pension ...