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.
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The 2024 election cycle has officially begun...
Griner released...
Unions bailed out...
Americans can stand proud...
What a fabulous country...
Us regular stiffs need to fund our IRAs or 401(k)s as we go.
Huge unfunded liabilities relate to management strategies, and shouldn't be dependent on optimistic projected demographics. Those are the elements of a Ponzi scheme. Why should I have to bail them out?
Was my thoughts. That whole “no strings or requirements attached” fine language is the gift that keeps on giving.
True.Pension Benefit Guaranty Corp covers non union single employer private defined benefit plans and separately, multi employer defined benefit plans which are the union pension plans. The covid relief act snuck in a provision that taxpayer funds could be used by Biden from covid relief to fund the underfunded multiemployer union plans but not the single employer non union plans. They knew the unions had underfunded the plans and used the covid bill taxpayer funds to fix their union political allies’ problem.
Gimme a few billion bucks, Joe.
The Covid ate all my money.
I did not see it pointed out but as an old Kansas City boy I know that this was the same Central States Teamsters Pension Fund used as the mafia piggy bank in the ‘70s. So your taxes are paying for crooked unions to finance mobs buying casinos.
Putting it in social security is a much better decision. We’re going to have to add money to it eventually anyway.
Why are we all paying for Teamster pensions?
OH - so they moved it from the right pocket to the left pocket, and only THEN did they give it to the unions to bail-out their mismanaged pension funds. That's different then. {/sarcasm}
Why is this any different than wanting to "forgive" student loan debt? There, they have those without college degrees and those that were responsible enough to pay their loans, paying taxes that go to the ne'er-do-well crowd. Here, they take money from the American workers NOT covered by pensions (the vast majority), and use it to bail out the Unions. Last I checked, my retirement savings had gone to hell due to Biden-flation and resultant tanking of the stock & bond markets. Is Biden going to make my 401k "whole"?
“Why are we all paying for Teamster pensions?
Because they deliver votes and campaign contributions to the Democrats who funnel them the tax payer money in exchange. I believe it is the fundamental principle of the quid pro quo religion as practiced by Democrats
Underfunded and over promised on returns. It’s a bad combination.
It is no different than funneling the union pensions the money directly. They used the pension benefit guaranty corp as a proxy intermediary to funnel the taxpayer money to their political allies to obfuscate the fact that the bailout of their underfunded plans is coming directly from the tax payers through a covid relief bill that has little to do with bailing out unions.
It is no different than funneling the union pensions the money directly. They used the pension benefit guaranty corp as a proxy intermediary to funnel the taxpayer money to their political allies to obfuscate the fact that the bailout of their underfunded plans is coming directly from the tax payers through a covid relief bill that has little to do with bailing out unions.
such a fool to ever consider working in this country...
Yep.
Orosius wrote: It was allocated by Congress, in the two trillion dollar slush fund they voted for to “deal with Covid”
Gotta love them omnibus bills...
Rurudyne wrote: I feel like all those folks saying that the ship has sailed when I point out there is no enumerated power for the congress to even spend money on stuff like this.
With Arbitrary government there are no rules.
Something about Davy Crockett saying, "Not our money to spend..." comes to mind.
Just in time to force fund pension managers to invest in “ woke” schemes considered climate and social agenda- friendly
Lets see here -
Teamsters - the most criminal/corrupt labor union in the US - check
Teamsers mismanaged and wasted pension funds - check
Invested pension funds suffered under Biden policies - check
Teamster fatcat leadership still get their cushy money - check
Biden gives them a gift of $36 Billion...
When do I get my check to make up the loss in my retirement accounts due to Biden’s intentional destruction of the economy?
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