Bakery Pension Plan Gets Special Financial Assistance From PBGC

The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the Bakery and Confectionery Union and Industry International Pension Fund, according to the PBGC Friday.

The plan, based in Kensington, Md., covers 103,056 participants in the bakery, confectionery, tobacco and grain milling industries. The Bakery and Confectionery Pension Fund will receive approximately $3.4 billion in special financial assistance, including interest to the expected date of payment to the plan.

The SFA program was implemented under the American Rescue Plan Act of 2021 to provide assistance to severely underfunded multiemployer pension plans.

This ...