PBGC Bails Out Five More Underfunded Union Pensions
As of May Day, nearly $46.7 billion in taxpayer funds have been given away to underfunded union pensions.
Over the past week, the Pension Benefit Guaranty Corporation (PBGC) has announced that it has approved bailouts for an additional five underfunded multi-employer (union) pension plans, bringing the total of taxpayer funds doled out over the last year to nearly $46.7 billion.
The five pension plans bailed out in this latest round are:
Western States Office and Professional Employees Pension Plan (Western States Office Pension Plan). The plan, based in Portland, Oregon, covers 7,230 participants in the service industry. According to the PBGC, the plan will receive $294.7 million in SFA, including interest to the expected date of payment to the plan.
Excavating, Building Material, Construction Drivers and Race Track Employees IBT Local 436 Plan (Building Material Drivers Local 436 Plan). The plan, based in Cleveland, Ohio, covers 1,461 participants in the transportation industry. According to the PBGC, the plan will receive approximately $95.2 million in special financial assistance, including interest to the expected date of payment to the plan.
United Furniture Workers Pension Fund A (United Furniture Workers Fund A). The plan, based in Nashville, Tennessee, covers 8,434 participants in the manufacturing industry. According to the PBGC, the plan will receive $214.6 million in SFA, including interest to the expected date of payment to the plan.
United Independent Union - Newspaper Guild of Greater Philadelphia Pension Plan (UIU-NPG Pension Plan). The plan, based in Philadelphia, Pennsylvania, covers 2,566 participants in the printing industry. The UIU-NPG Pension Plan will receive approximately $296.2 million in special financial assistance, including interest to the expected date of payment to the plan.
Pension Plan of the Bakery Drivers and Salesmen Local 194 and Industry Pension Fund (Bakery Drivers Local 194 Plan). The plan, based in North Brunswick, New Jersey, covers 1,155 participants in the transportation industry. According to the PBGC, the Bakery Drivers Local 194 Plan will receive approximately $110.9 million in special financial assistance, including interest to the expected date of payment to the plan.
The Special Financial Assistance Program, according to the PBGC, was enacted as part of President Biden’s American Rescue Plan (ARP) Act of 2021 and is “financed by general taxpayer monies.”
For all prior coverage of PBGC bailouts of union pensions, go here.