The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Excavating, Building Material, Construction Drivers and Race Track Employees IBT Local 436 Plan (Building Material Drivers Local 436 Plan). The plan, based in Cleveland, Ohio, covers 1,461 participants in the transportation industry.

The Building Material Drivers Local 436 Plan will receive approximately $95.2 million in special financial assistance, including interest to the expected date of payment to the plan. The plan was projected to run out of money in 2026. Without the SFA Program, the Building Material Drivers Local 436 Plan would have been required to reduce participants’ benefits to the PBGC guarantee level upon plan insolvency, which is roughly 35 percent below the benefits payable under the terms of the plan. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.

“Without this Special Financial Assistance, these 1,461 transportation industry workers would not receive the retirement benefits they have earned through years of hard work,” said Assistant Secretary of Labor for Employee Benefits Security Administration Lisa M. Gomez. “Funding provided by the Biden-Harris administration has given these workers the assurance of the secure retirement they deserve.”

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