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Charles Dharapak
Unions are getting a free pass after mismanaging their multi-employer pensions for decades. In a provision not well-publicized before the stimulus bill narrowly passed by the Senate with only Democrat support, $86 billion dollars will be directed to at least185 multi-employer union pension plans that are close to collapse. According to the
New York Times:
Both the House and Senate stimulus measures would give the weakest plans enough money to pay hundreds of thousands of retirees a number that will grow in the future their full pensions for the next 30 years. The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now.
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WASHINGTON, March 6, 2021 /PRNewswire/ The Teamsters are elated over the Senate s approval of a $1.9 trillion COVID-19 stimulus measure containing a provision bolstering financially-troubled multiemployer pension plans that would ensure the retirements of more than 1 million American retirees and workers are protected.
The vote marks the furthest such wide-reaching pension legislation has progressed since Teamsters General President Jim Hoffa was elected head of the union in 1998. Because changes were made to the bill in the Senate, it must go back to the House for approval before heading to President Biden s desk for his signature. That is expected next week.
/PRNewswire/ The Teamsters commend the work of the House Ways & Means Committee, which today approved broad COVID-19 stimulus legislation that includes a.
/PRNewswire/ The Teamsters are applauding the House Ways & Means Committee s inclusion of a multiemployer pension reform measure in a broader stimulus.