The PBGC gave $450.5 Million in taxpayer funds to underfunded union pensions last week
In total, the four underfunded union pension plans will have received over $1.5 billion in taxpayer moneys.
The Pension Benefit Guaranty Corporation (PBGC) gave out over $450.5 million in additional taxpayer moneys to four separate underfunded union pension plans last week, adding to the billions the government agency has given out over the past year.
In separate press releases, the PBGC announced it had approved requests from four different unions: the New York State Teamsters Conference Pension and Retirement Plan (in New York state), the Cement Masons Local Union 681 Pension Plan (in Houston, Texas), the Cement Masons Local 783 Pension Plan (also in Houston, Texas) and the Teamsters Local Union No. 52 Pension Fund (in Valley View, Ohio).
While the amounts of moneys given vary widely, in all cases, the moneys given are on top of the combined hundreds of millions provided to each of the four pension plans.
They are as follows:
1. New York State Teamsters Conference Pension and Retirement Plan
The NYS Teamsters Conference Plan will receive approximately $438 million in supplemented SFA, which is in addition to $963.4 million in SFA approved for the plan in November 2022 under the interim final rule.
2. Cement Masons Local Union 681 Pension Plan
The Local 681 Plan will receive approximately $47,100 in supplemented SFA, which is in addition to $16.1 million in SFA approved for the plan in April 2022 under the interim final rule.
3. Cement Masons Local 783 Pension Plan
The Local 783 Plan will receive approximately $16,800 in supplemented SFA, which is in addition to $4.5 million in SFA approved for the plan in April 2022 under the interim final rule.
4. Teamsters Local Union No. 52 Pension Fund
The Teamsters Local 52 Plan will receive approximately $12.5 million in supplemented SFA, which is in addition to $84.9 million in SFA approved for the plan in November 2022 under the interim final rule.
In total, these four underfunded union pension plans will have received over $1.5 billion in taxpayer moneys.
The money 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 late last year.
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
PBGC Announces Another $719.5 Million Bailout For 4,800 Recipients of Underfunded Pensions
PBGC bails out Freight Drivers Pension Plan, expected to run out of money in 2023