NIGPP’s Application for Special Financial Assistance Approved
We are pleased to announce that the Plan has received approximately $887.1 million in special financial assistance from the federal government under the American Rescue Plan Act (ARPA).
The special financial assistance means that NIGPP is expected to continue to pay out all promised benefits through at least 2051. This does not mean that benefits will be increased in the near future, but it does mean that they will not be decreased within the next decade as was anticipated: without the special financial assistance, the Plan was projected to run out of money to pay benefits in 2034.
For more information, see the announcement from the Pension Benefit Guaranty Corporation, the federal agency that is administering the special financial assistance program.