Teamster workers getting federal bailout for pension fund

WASHINGTON – President Joe Biden on Thursday announced a federal bailout for a pension fund that largely benefits Teamster employees and retirees, saying cuts to retirement benefits that were supposed to happen within the next few years now “won’t happen.”

“Thanks to today’s announcement, tens of thousands of unionized retirees and workers in states like Ohio, Michigan, Texas, Minnesota, Wisconsin, Missouri can go to bed tonight knowing that their retirement they worked so damn hard for will be there for them. when they need it,” Biden said.

The $36 billion for the Central States Pension Fund will prevent benefits from being cut in half for more than 350,000 truckers, warehouse workers, construction workers and others, according to the White House.

The last

The rescue effort was made possible by the American Rescue Plan Act, the $1.9 trillion package passed last year in response to the pandemic.
Multi-employer retirement plans that are struggling financially can turn to the Pension Benefit Guaranty Corporation for assistance.
Before the law was passed, more than 200 retirement plans were on track to fail in the short term, according to the White House. Now those plans are expected to remain solvent until at least 2051.
The $36 billion for the Central Pension Fund is the largest stimulus from the program and the largest federal financial assistance ever for distressed pension funds, according to the White House.

Reaction to the announcement of the pension fund

Teamster workers and retirees joined Biden and Secretary of Labor Marty Walsh at an event at the White House on Thursday to announce the aid.

Kenneth Stribling, president of the National United Committee to Protect Pensions, praised Biden, saying the president had “promised to protect our rights to a dignified retirement and the benefits we earn through auto through our hard lives or through our lifetime hard earned work and sacrifice.”

Stribling noted that he made a promise to his late wife, Beverly, to help find a solution to protect the pensions.

“I know she looks down on me, so I want you to know honey, I fulfilled your promise. I haven’t stopped,” Stribling said.

“We’ve found a solution with this guy here,” Stribling added before introducing the president for his remarks.

Sean M. O’Brien, Teamsters general president, said in a statement that he is pleased “to see elected officials stand up for working families for once.”

“This is a matter of fairness — of this country keeping its word to hard-working, honest people who have done everything they had to do in life,” O’Brien said.

Biden has said his goal is to be “the most pro-union president” in American history. He held the first public event of his 2019 presidential campaign at a Teamsters Hall in Pittsburgh.

Critics, such as George Mason University’s Charles Blahous, say the bailouts “encourage more of the irresponsible behavior that messed up pensions in the first place.”

Who is being helped?

Most states have employees or retirees who are expected to benefit. The states with the most beneficiaries are:

Michigan: 40,300
Ohio: 39,900
Missouri: 27,800
Illinois: 25,000
Texas: 22,500
Wisconsin: 21,900
Indiana: 19,600
Minnesota: 19,300
Florida: 18,700
Tennessee: 14,200

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