PBGC bails out multiemployer plan for sheet metal workers

The Pension Benefit Guaranty Corporation has approved a special financial assistance program from a Metal Sheet Workers local pension plan in Massillon, Ohio that covers 1,649 participants, reports Plansponsor. About 850 of the participants saw their benefits cut an average of 24% in May 2020 under the terms of the Multiemployer Pension Reforms Act of 2014, according to the report. The PBGC assistance will pay $28.8 million to make up the shortfall.