PBGC Gives Arizona Bricklayers' Underfunded Pension Plan $10.6 Million
The PBGC announced that it would be providing $568.6 million in taxpayer money to three underfunded union pension plans just this week.
By Peter List, Editor | June 13, 2024
In its third pension bailout this week, the Pension Benefit Guaranty Corporation (PBGC) announced on Thursday that it had approved $10.6 million in taxpayer monies would be given to the Arizona Bricklayers' Pension Trust Fund.
The fund, which is based in Phoenix, Arizona covers 666 participants in the construction industry and was expected to run out of money in 2041.
Thursday’s announcement follows two other bailout announcements by the PBGC this week.
On Tuesday, the PBGC announced it approved approximately $545.6 million in special financial assistance (SFA) to the CWA/ITU Negotiated Pension Plan (CWA/ITU Plan), based in Mount Laurel, New Jersey. The plan, which covers 24,288 participants in the printing industry, was projected to become insolvent and run out of money in 2029.
The PBGC also announced Tuesday that it approved special financial assistance for another failing Teamsters pension plan. The Teamsters Local 102 Plan, based in Cherry Hill, New Jersey, and covering 508 transportation industry participants, will receive approximately $12.4 million.
“As of June 13, 2024, PBGC has announced approval of about $54.6 billion in SFA to plans that cover about 818,000 workers, retirees, and beneficiaries,” the PBGC noted. “Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.”
In total, just this week, the PBGC announced that it would be providing $568.6 million in taxpayer money to only three underfunded union pension plans.
Go here for prior posts about the PBGC’s taxpayer-funded pension bailouts.
