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PBGC Approves $66 Million in SFA for Machinists Motor City Plan
Pension Benefit Guaranty Corporation [PBGC] 
Dec. 23, 2022 "[PBGC] has approved the application submitted to the Special Financial Assistance Program by the International Association of Machinists Motor City Pension Plan. The plan, based in Troy, Michigan, covers 953 participants in the manufacturing industry.... 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 $66 million in SFA, including interest to the expected date of payment to the plan." |
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