Biden releasing nearly $36 billion to aid pensions of union workers

[Celerity]

KEY POINTS

President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to prevent 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 funds come from the American Rescue Plan, a $1.9 trillion coronavirus relief package signed into law in 2021.

https://www.cnbc.com/2022/12/08/president-biden-releasing-36-billion-to-aid-pensions-of-union-workers.html



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.

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[PatSeg]

1. Hey, if he keeps spending money like this,

there won't be any left for corporate giveaways or tax cuts for the wealthy!