The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the supplemented application submitted to the Special Financial Assistance (SFA) Program by the Local 365 UAW Pension Fund Pension Plan (Local 365 UAW Plan). The plan, based in Englewood Cliffs, New Jersey, covers 3,736 participants in the manufacturing industry.
Plans that applied for and received SFA under the interim final SFA rule issued in July 2021 are permitted to supplement their application under the provisions of the final SFA rule issued in July 2022. The Local 365 UAW Plan will receive approximately $19 million in supplemented SFA, which is in addition to $228.3 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule. SFA will better ensure that the plan can continue to pay retirement benefits without reduction for many years into the future.
“Today’s approval of supplemental Special Financial Assistance, funded by President Biden’s American Rescue Plan, in conjunction with the previously approved Special Financial Assistance, means the Local 365 UAW Plan will be able to provide the retirement promised to its 3,736 manufacturing industry workers,” said Secretary of Labor Marty Walsh, Chair of the Pension Benefit Guaranty Corporation’s Board of Directors. “Through no fault of their own, these workers faced diminished pensions, but will now receive the secure retirement they were promised in exchange for many years of work.”
Original source can be found here
