In an effort to stave off reduced benefits to the Freight Drivers and Helpers Union No. 57 in Baltimore, the Pension Benefit Guaranty Corporation (PBGC) has approved an application to the Special Financial Assistance (SFA) program, allowing the underfunded pension plan to receive $192.8 million to assist with payouts. The union's plan was expected to run out of money in 2023.

"President Biden's American Rescue Plan will deliver Special Financial Assistance to the Freight Drivers and Helpers Local Union No. 557 Pension Plan that ensures these 2,273 transportation industry workers and retirees covered by this plan will receive the retirement benefits they have earned," said U.S. Secretary of Labor Marty Walsh, chair of the PBGC board of directors.

The SFA Program was enacted as part of the American Rescue Plan Act of 2021. The program provides funding to severely underfunded multiemployer pension plans and will ensure that millions of America's workers, retirees, and their families receive the pension benefits they earned through years of hard work. To date, PBGC has approved over $7.7 billion to plans that cover more than 154,000 workers, retirees, and beneficiaries.