PBGC: Underfunded Kansas City Construction Union Pension Fund to Receive $43.1 Million Bailout
As of last week, the PBGC has announced bailouts of over $60.4 billion for underfunded union pensions.
By Peter List, Editor | July 1, 2024
Last week, the Pension Benefit Guaranty Corporation (PBGC) announced that it approved $43.1 million in taxpayer money to be given to the Kansas Construction Trades Open End Pension Trust Fund (Kansas Construction Trades Pension Fund), which is based in Topeka, Kansas and covers 8,145 participants in the construction industry.
The PBGC has been allocated up to $91 billion of taxpayer money to distribute to underfunded union pensions, but has only disbursed $60.4 billion so far, according to the PBGC.
The union pension plan bailout scheme was built into the $1.9 trillion American Rescue Act, which was passed by Congress and signed into law in early 2021 and which has partly contributed to the inflation felt by many Americans.
General taxpayer monies finance Special Financial Assistance (or SFA) for financially troubled union pension plans.
Go here for prior posts about the PBGC’s pension bailouts.