PBGC Approves Assistance for Pacific Coast Shipyard Pension Plan

The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the Pacific Coast Shipyards Pension Plan, according to the PBGC Thursday.

The plan, based in Pleasanton, Calif., covers 507 participants in the maritime construction industry. The Pacific Coast Shipyards Plan will receive approximately $18.9 million 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 story was produced by Bloomberg Law Automation.