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PBGC Approves $28.8 Million in Special Financial Assistance for Sheet Metal Workers Plan
Pension Benefit Guaranty Corporation [PBGC] 
Oct. 6, 2022 "[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Sheet Metal Workers Local Pension Plan ... The plan, based in Massillon, Ohio, covers 1,649 participants in the construction industry. On May 1, 2020, the Sheet Metal Workers Plan implemented a benefit suspension under [MPRA] ... SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $28.8 million in SFA, including interest to the expected date of payment to the plan." |
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