Home - Automotive Industries Trust Funds
IAM District 190 |
On July 6, 2023, the Pension Benefit Guarantee Corporation (PBGC) approved the Automotive Industries Pension Plan’s (AI) application under the Special Financial Assistance Program (SFA) provided by the American Rescue Plan Act of 2021 (ARPA).
“We’re immediately back to 100% funded,” says Directing Business Rep and AI Trustee Don Crosatto. “This infusion of funds will positively impact 24,000 active members and current retirees— plus their families, who can rest assured that they’ll continue to get their monthly checks upon retirement and through the rest of their lives.”
On or around August 7, 2023, the PBGC will provide the Pension Plan with $1,079,929,797.05 in additional funding in order to keep the Plan funded to the year 2051, if not much longer. It has been a long journey to secure this funding and the Trustees are pleased with the favorable outcome of the application process. Crosatto adds that this amount is $23 million more than the trust had requested — the additional funds represent the interest earned in just the last eight months.
Home - Automotive Industries Trust Funds
IAM District 190 |