PBGC to provide nearly $1 billion to transport workers pension plan

The Pension Benefit Guaranty Corp. approved nearly $1 billion in special financial assistance to a New York pension plan covering workers and retirees in the transportation industry, Pension & Investments reports. The New York State Teamsters Conference Pension & Retirement Plan, or NYS Teamsters Conference Plan, will receive $963 million in special financial assistance according to a PBGC news release. The NYS Teamsters Conference Plan, which covers 33,643 participants and is based in Syracuse, New York, implemented a benefit suspension in October 2017.