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In an effort to stave off reduced benefits to the Freight Drivers and Helpers Union No. 57 in Baltimore, the Pension Benefit Guaranty Corporation (PBGC) has approved an application to the Special Financial Assistance Program (SFA) allowing them to receive $192.8 million to assist payments with their underfunded pension plan. The Union plan was expected to run out of money in 2023.
"President Biden's American Rescue Plan will deliver Special Financial Assistance to the Freight Drivers and Helpers Local Union No. 557 Pension Plan that ensures these 2,273 transportation industry workers and retirees covered by this plan will receive the retirement benefits they have earned," said U.S. Secretary of Labor Marty Walsh, chair of the Pension Benefit Guaranty Corporation Board of Directors.
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