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PBGC Approves $48.9 Million in Special Financial Assistance for Iron Workers Local 17 Fund
Pension Benefit Guaranty Corporation [PBGC] May 18, 2022 "[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Iron Workers Local 17 Pension Fund. The fund, based in Cleveland, Ohio, covers 1,900 participants in the construction industry. On February 1, 2017, the Iron Workers Local 17 Fund implemented a benefit suspension under [MPRA]. The fund reduced benefits of about 950 participants.... PBGC's approval of the SFA application enables the plan to restore benefits suspended under the terms of MPRA and to make payments to retirees to cover prior benefit suspensions.... The plan will receive $48.9 million in SFA, including interest to the expected date of payment to the plan." |
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