Today, the Pension Benefit Guaranty Corporation (PBGC) announced the approval of $635 million in Special Financial Assistance (SFA) for the Carpenters Pension Trust Fund – Detroit & Vicinity (Detroit Carpenters Fund) which covers 22,576 participants in the construction industry. The Fund was projected to become insolvent in 2033 and would have had to cut participants’ benefits by around 70 percent without this SFA award.
SWACCA helped to include the SFA program in the American Rescue Plan Act at the height of the COVID-19 pandemic and was actively engaged in the deliberations over the regulations that implemented the program.