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.
Gee, I should have formed a union with co-workers and had management promise me mucho in my old age.
The Supreme Court has to declare vote buying unconstitutional and require repayment.
Trump should file suit against the US government for his 2020 election loss, which was caused by vote buying.
So now we taxpayers are padding the pockets of the teamsters union so they can continue to fund democrats. Despicable!
I remember being told about reduced computer company pensions.
Why would they even stop? It’s all very blatant, in your face.
Nobody is stopping them.
How much of this is caused by union leadership dipping in to:
1. Buy themselves nice things,
2. Payoff to organized crime.
3. Political payoff to politicians either direct bribes or in-kind campaign contributions,
4. Inept financial management?
DeSantis could have had Biden arrested for voter bribery with respect to the 2020 election before Biden took office.
2018 Florida Statutes
Title IX
ELECTORS AND ELECTIONS
Chapter 104
104.061 Corruptly influencing voting.—
(1) Whoever by bribery, menace, threat, or other corruption whatsoever, either directly or indirectly, attempts to influence, deceive, or deter any elector in voting or interferes with him or her in the free exercise of the elector’s right to vote at any election commits a felony of the third degree...
https://www.flsenate.gov/Laws/Statutes/2018/0104.061
Rail union bosses warn of election consequences as Senate approves labor deal to prevent strike
This $36 billion gift from the taxpayers should be enough to get the unions back on to the democrat plantation.
Stolen elections have consequences.
As long as they can print funny money, nobody will care. It will hit the fan soon!
Well, when the Teamster Pension Fund invested with Bernie Madoff, this is what we get. Screwed.
And 10% for the big guy. 3.6 Billion. Nice payday.
How can Biden send billions to political friends, while Trump had to fight for a fraction of that to fund the Security Wall?
It’s a double (eh... triple or more, actually) whammy:
1. a Payoff to unions
2. a Slam to taxpayers
3. If he hadn’t tanked the stock market, this wouldn’t even be needed.
4. Because of the stock market, the rest of us are left with lower IRAs and that tax bill.
So much for that ‘equal protection’ clause.
The mafia paying the mafia. (With money extorted, in part, from us).
What a great country we have here.
No kidding. I pulled my Vanguard statement last month. My 401k balance is down $300k from the end of Trump to the current point in Biden's term.
Obama cost me $500k. It took over 10 years to recover from that, then Biden shows up and screws me again. The difference is this time I'm 66. I don't have 10 to 20 years to try to recover the losses.
When Obama was elected, I moved all my investments overseas. That worked very well for me. When Trump was elected, I pulled them all back into the US. Again, that worked well.
With Biden, stocks and bonds have been failures.
It looks like the money was used to bail about the federal insurance program rather than the pensions directly if you read far enough in the article
Will the books on the Teamsters’ pension be opened up to the country so we can all look at it and forensic accounting classes can use it as a case study? Or will the constant skim from the employees and employers into the union leaders’ and DNC’s pockets be kept more secret than the Masons’ handshake training video?
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