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 Union No. 466 Painters, Decorators and Paperhangers Pension Plan (Painters Local 466 Plan). The plan, based in Menands, New York, covers 45 participants in the construction industry.
Plans that applied for and received SFA under the interim final SFA rule issued in July 2021 are permitted to supplement their applications under the provisions of the final SFA rule issued in July 2022. The Painters Local 466 Plan will receive approximately $1.2 million in supplemented SFA, which is in addition to $5.9 million in SFA approved for the plan in June 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 Painters Local 466 Plan will be able to provide the retirement promised to its 45 construction 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.”
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