Six More Failing Union Pension Plans Have Been Bailed Out By The PBGC In The Past Seven Days
From union auto workers, to construction workers, longshoremen and Teamsters, six union pensions have been given over $1.14 billion from taxpayer funds.
Continuing with its doling out of billions of dollars in taxpayer-funded bailouts to failing union pension funds, the Pension Benefit Guaranty Corporation (PBGC) has announced the approval of six more union pension fund bailouts over the past seven days.
From December 13th through December 20th, the PBGC approved applications for a local auto workers’ pension fund in New Jersey, construction workers in Idaho, longshoremen in New York, two different Teamster pension funds in New Jersey, as well as a graphic arts pension plan, based in Washington, D.C.
In total, the six different pension plans will receive over $1.14 billion. Combined, the six different pensions have 16,699 participants. This means participants will receive an average of $85,600 per participant.
The moneys provided to underfunded union pension plans—also known as multi-employer pension plans—were part of a $90 billion union pension bailout that was included in the $1.5 trillion American Rescue Plan President Biden signed into law last year.
“There were over 200 multiemployer plans on pace to become insolvent risking benefits for millions of workers and their families,” noted LaborPress.org last month.
Below are the links to each press release (emphasis added), as well as the amounts given to each plan.
1. Management-Labor Pension Plan Local 1730 ILA (Longshoremen Local 1730 Plan)
The Longshoremen Local 1730 Plan will receive approximately $6.1 million in supplemented SFA, which is in addition to $62 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule.
2. Local 408 International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America Pension Plan (Local 408 Plan)
The Local 408 Plan will receive approximately $6.4 million in supplemented SFA, which is in addition to $100.5 million in SFA approved for the plan by PBGC in January 2022 under the interim final rule.
3. Local 365 UAW Pension Fund Pension Plan (Local 365 UAW Plan)
The Local 365 UAW Plan will receive approximately $19 million in supplemented SFA, which is in addition to $228.3 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule.
4. Idaho Signatory Employers-Laborers Pension Plan (Idaho Signatory Plan)
The Idaho Signatory Plan will receive approximately $1.1 million in supplemented SFA, which is in addition to $13.9 million in SFA approved for the plan by PBGC in December 2021 under the interim final rule.
5. Graphic Arts Industry Joint Pension Plan (Graphic Arts Plan)
The Graphic Arts Plan will receive approximately $82.2 million in supplemented SFA, which is in addition to $440 million in SFA approved for the plan by PBGC in April 2022 under the interim final rule.
6. Teamsters Local 617 Pension Plan (Local 617 Plan)
The Local 617 Plan will receive approximately $31.1 million in supplemented SFA, which is in addition to $155.8 million in SFA approved for the plan by PBGC in April 2022 under the interim final rule.
Related:
In Second Bailout Within A Week, PBGC Gives Failing Ohio Teamster Pension Plan $85 Million
PBGC: Underfunded New York State Teamsters Pension Plan Will Receive $963 Million