PBGC bolsters two more underfunded union pension plans

The Pension Benefit Guaranty Corporation will provide special financial assistance to two union pension plans: the Alaska Ironworkers Pension Plan and the Plasterers Local 82 Pension Fund, reports Plansponsor. The Plasterers Local 82 Pension Fund, based in Portland, Oregon, applied in September 2022 for $20.07 million more than three years after cutting benefits to 250 participants by 25% in February 2019. The Alaska Ironworkers Pension Plan, based in Anchorage, will receive $53.5 million after it cut benefits by 26.5% in July 2018.