PBGC provides additional funding to multiemployer pensions

The Pension Benefit Guaranty Corp. provided additional special funding to four multiemployer pension plans Feb. 17, totaling approximately $26.7 million, Plansponsor reports. The Freight Drivers and Helpers Local Union No. 557 Pension Plan, based in Baltimore with 2,273 participants, received $12.8 million on top of the $192.8 million it received in October 2022. Other plans receiving assistance were the Sheet Metal Workers Local Pension Plan, based in Massillon, Ohio, with 1,649 participants; Local 1482 Paint and Allied Products Manufacturers Retirement Fund, based in New York City with 152 participants; and the Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund, based in San Juan, Puerto Rico with 2,625 participants.