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[Chicago Tribune] 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 Teamsters 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, Teamsters members could have seen their benefits reduced by an average of 60% starting within a couple of years. |