PBGC Awards Pace Industry Plan $1.3 Billion in Bailout Funding
Bloomberg Law Automation
The PBGC has approved a $1.3 billion bailout package for the PACE Industry Union-Management Pension Fund, which will receive the cash through the agency’s Special Financial Assistance Program.
The PBGC said Thursday that the SFA funds will allow the Nashville, Tenn-based plan to pay retirement benefits without reduction into the future, covering the retirement savings of 64,522 plan participants in the manufacturing industry.
The SFA Program was implemented as part of the American Rescue Plan Act of 2021 to provide funding to severely underfunded multiemployer pension plans. It’s distributed tens of billions of dollars so far.
On Thursday the PGBC announced a slew of newly granted SFA applications. Besides PACE Industry, it approved $887 million for National Integrated Group Plan, $32.2 million for IBEW Local 237 Pension Plan, $9.1 million for Bricklayers and Allied Craftsmen Local 7 Pension Plan, and $33.6 million to Roofers Local 42 Plan.
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