The Pension Benefit Guaranty Corporation has approved the application submitted to the Special Financial Assistance program by the Radio, Television and Recording Arts Pension Plan, according to the PBGC Thursday.
The plan, based in New York City, covers 516 participants in the entertainment industry, according to the announcement. It will receive approximately $63 million in special financial assistance, including interest to the expected date of payment to the plan.
The SFA program was implemented under the American Rescue Plan Act of 2021 to provide assistance to severely underfunded multiemployer pension plans.
This story was produced by Bloomberg Law Automation. …
