PBGC Approves Funding for Printing Industry Pension Plan in NY

The PBGC approved funding for the Paper Handlers-Publishers Plan’s application, the agency announced Friday.

Pension Benefit Guaranty Corporation reports that the New York plan will be insolvent by 2024 and out of money. The plan covers 244 members in the printing sector.

The company will receive a special financial aid of approximately $20.6 million, which includes interest accrued to the date of payment.

PPBGC said that the Special Financial Assistance Program, which is a part of American Rescue Plan Act of 20,21, was created to fund severely underfunded pension plans for multi-employers. PPBGC stated that as of September…