New England Teamsters shore up nearly $6 billion in pension funding

BURLINGTON, Mass. — After a nearly two-year process, the New England Teamsters Pension Fund announced a major money infusion from a special financial assistance program on Tuesday.

The Pension Fund began working with the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program back in the fall of 2022 and has since secured $5.7 billion in funding for its participants.

The SFA funds will be received within 30 days and the teamsters will use them to continue paying benefits and the administrative expenses.