The Pension Benefit Guaranty Corp. expects to commit a total of $5.3 million to assist two multiemployer pension plans, confirmed agency spokesman Marc Hopkins.
The PBGC expects to commit $3 million to the Printing Industry and Union Consolidated Pension Plan in Pittsburgh and $2.3 million to the Florida Marble Polishers Pension Trust Fund, Miami.
Both plans became insolvent in March. Hopkins said in a telephone interview that the plans are not closed or terminated but do not have the money to pay benefits. They remain under control of the plan administrator, which can reduce benefits to a guaranteed level.
The PBGC does not take over insolvent multiemployer plans, but instead provides financial assistance.
Filed by Timothy Inklebarger of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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