Christmas came early for participants in the Idaho Signatory plan. The Pension Benefit Guaranty Corporation (PBGC) announced on Thursday, December 23rd that it had approved the plan application for the Idaho Signatory Employers-Laborers Pension Plan (Idaho Signatory) in Portland, Ore. The plan covers 682 participants in the construction industry and will receive $13.9 million in special financial assistance (SFA), including interest to the expected date of payment to the plan.
The plan, like the other 19 that have filed for the SFA in tier one, was expected to run out of money in 2022. In their announcement, the PBGC indicated that as a result of this grant the benefits paid to participants would average about 15% more than the PBGC “guarantee” had the application been denied and the plan been absorbed by the PBGC’s insurance pool. This accepted application is the second to be approved in the last week. Hopefully, we’ll continue to see grants approved for all the plans filing for this absolutely necessary support.