Posted on 12/08/2022 7:55:26 AM PST by chuckee
President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States.
The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021.
Many union retirement plans have been under financial pressure because of underfunding and other issues. Without the federal assistance, Teamster members could have seen their benefits reduced by an average of 60% starting within a couple of years.
“Union workers and their families are finally able to breathe a huge sigh of relief, knowing that their hard-earned retirement savings have been rescued from steep cuts,” said Lisa Gomez, assistant labor secretary for employee benefits security.
Multiemployer pension funds are created by agreements between unions and companies and are partially insured by the federal government’s Pension Benefit Guaranty Corporation. The insurance program was on track to become insolvent in 2026, but the pandemic relief money is expected to keep it on firm footing through 2051.
Biden traveled to Ohio in July to highlight the final rules for the pension relief program. Before Thursday, the program had awarded aid to 36 troubled pension plans, but none of those had received more than about $1.2 billion.
The amount going to the Central States Pension Fund represents somewhere between one-third and one-half of the total estimated cost of the federal aid program.
The retirement plan has participants in almost every state, with the largest concentration in the Midwest. There are about 40,000 participants in both Michigan and Ohio, nearly 28,000 in Missouri, 25,000 in Illinois and about 22,000 each in Texas and Wisconsin, according to figures provided by the White House.
Exactly. And this isn’t a situation like the steel industry where the demographic collapse is tied to an overall decline in the industry. The trucking industry is booming, but fewer and fewer drivers are interested in union representation. I think there are fewer than a half dozen large trucking firms with Teamsters drivers.
Does that law permit using Covid relief funds for union bailouts? Seriously?
The Dems actually snuck in the covid bill a total of not 36 billion to bail out union pension funds through the Pension Benefit Guaranty Corp but actually 86 billion. This 36 billion is just the first tranche to bail out Teamsters. More to come to bail out other underfunded union pension plans. Not 1 Republican voted for this monstrosity of a bill
This should be criminal theft. What's worse is I haven't heard a single Republican complain.
“..This is simple theft of taxpayer funds....”
Well, it’s nothing but legalized theft when they tax us in the first place.
In this case, it’s theft of the theft.
Typical commie RAT POS doing what RAT POSs normally do.
FJB and his merry band of flying monkeys.
“..This should be criminal theft. What’s worse is I haven’t heard a single Republican complain. ...”
Except maybe for one or two, they’ll never say a word.
Wonder why?
Oh, I remember now: One big, fat, UniParty bird with two wings.
OR perhaps they were underfunded due to the millions of dollars the unions consistantly funnel to the DNC to get this filthy thieving rat into office! Quite the incestuous relationship they have going there.
Pay off for the election thefts.
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