The aid will stop cuts to the retirement incomes of over 350,000 workers and retirees.
- 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.
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. While bargaining for contracts in past years, union members chose to forgo raises and other benefits on the assumption they would would have “a prosperous retirement,” Teamsters General President Sean M. O’Brien said in a written statement. But when the retirement fund faltered, union members turned to lobbying the federal government for help.
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.. Before Thursday, the program had awarded aid to 36 troubled pension plans, but none of those had received more than about $1.2 billion.
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