Biden announces $36 billion bailout for union pension plan

Fox News |  Dec. 8, 2022

President Joe Biden announced Thursday he will pump $36 billion into a union pension plan to prevent drastic benefit cuts for pensioners, just a week after he signed a railroad labor deal opposed by several union organizations.

The announcement marks the largest federal award for retiree pensions in history and is funded by Biden’s $1.9 trillion American Rescue Plan, according to the White House. The $36 billion will go to the Central States Pension Fund, which is for mostly Teamster union members.

The $36 billion amounts to about half of the available federal funds for pension relief under the American Rescue Plan. The pension fund, which covers 350,000 members, was at risk of cuts as high as 60%, but the White House said the fund will now be stable until at least 2051.


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