PBGC provides $32.7 million to troubled union plan

Last month, the Pension Benefit Guaranty Corporation approved a $32.7 million request to bail out the Bricklayers Local 7 union pension plan in Akron, Ohio, Plansponsor reports. Pension benefits had been cut for 397 participants since October of last year by an average of 55% under the Multiemployer Pension Reform Act. The cash infusion will allow the plan to fully fund its obligations to its members.