President Joe Biden is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan.
FILE- President Joe Biden speaks at Max S. Hayes Hight School, July 6, 2022, in Cleveland. Biden is announcing the release of nearly $36 billion to shore up a financially troubled union pension plan. The federal aid is intended to stop severe cuts to the retirement incomes of more than 350,000 Teamsters workers and retirees. Biden's administration says it's the largest-ever federal payment to a union pension fund. The money for the Central States Pension Fund is part of a broader $1.
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 froma $1.9 trillion coronavirus relief package that he signed into law in 2021. “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.
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.
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