Biden releasing nearly $36B to aid pensions of union workers
Headline from Omaha World-Herald
President Joe Biden is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan. The federal aid is intended to stop severe cuts to
Omaha World-Herald's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
President Joe Biden is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan. The federal aid is intended to stop severe cuts to
The money comes from last year’s Covid-19 relief package and will avert cuts of up to 60 percent in pensions for 350,000 Teamster truck drivers, warehouse and construction workers and food processors.
Many union retirement plans have been experienced 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.
President Joe Biden will announce a $36 billion bailout for the Central States Pension Fund, helping to shore up one of the nation’s biggest multiemployer plans and delivering help to union allies after a contentious rail deal that frayed ties with organized labor.
Biden is set to announce a roughly $36 billion bailout for union pension plans Thursday, after his calls to force rail unions into a new contract drew backlash.
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.
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Biden releasing nearly $36B to aid pensions of union workers | Since Then
