The Pension Benefit Guaranty Corporation announced the approval of a Special Financial Assistance application submitted by the Plasterers and Cement Masons Local No. 94 Pension Fund, based in Camp Hill, Pennsylvania, that covers 108 participants in the construction industry.
The Pension Benefit Guaranty Corporation released its List of Plans in Special Financial Assistance Application Priority Group 6, which consists of plans for which PBGC projects a present value of financial assistance payments under section 4261 of the Employee Retirement Income Security Act that would exceed $1 billion in the absence of SFA. The application period for Priority Group 6 plans is scheduled to open on Feb. 11, 2023.
In today’s Federal Register, the Pension Benefit Guaranty Corporation (PBGC) published its final rule regarding the Special Financial Assistance (SFA) program for troubled multiemployer defined benefit plans.
