UFCW Regional Fund Receives $54 Million in Special Assistance

The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the UFCW Regional Pension Fund, according to the PBGC Tuesday.

The plan, based in Mount Laurel, NJ, covers 4,605 participants in the service industry across the Middle Atlantic region primarily in Delaware, Pennsylvania, and New Jersey, the PBGC said. It will receive about $54.6 million in special financial assistance, including interest to the expected date of payment to the plan.

The SFA program was implemented under the American Rescue Plan Act of 2021 to provide funding to severely underfunded multiemployer pension plans. ...