The Pension Benefit Guaranty Corporation announced Monday three new recipients of funds under the Special Financial Assistance Program.
Cincinnati-based Laborers Local No. 265 will receive $59.4 million; Teamsters Local 734, based in Chicago, will receive $99.7 million; and the Syracuse, New York-based International Union of Operating Engineers Upstate New York Engineer Pension Fund will receive $85.5 million from the PBGC under the SFA Program.
The SFA Program provides financial assistance to pension funds that are distressed and projected to become insolvent…