The Pension Profit Warranty Company accepted on Tuesday an utility for Particular Monetary Help of $84.9 million to the Teamsters Native Union No. 52 Pension Plan, primarily based in Valley View, Ohio.
The SFA provision of the American Rescue Plan Act permits for PBGC funding for severely underfunded multiemployer pension plans. Funds that obtain help should monitor the curiosity ensuing from the grant cash as separate from different sources of funding. The PBGC additionally solely accepts investment-grade bonds as an funding for the funds it gives.
The pension plan covers 769 contributors within the transportation business. The plan anticipated to expire of cash a while in 2023, after which the pension could be turned over to the PBGC, and contributors would have been paid roughly 60% lower than what the pension was initially imagined to pay.
Dave Dudas, the secretary treasurer and principal officer for the pension, defined the quantity of $84.9 million consists of curiosity that has accrued from the time the appliance was submitted to the time the cash is disbursed.