U.S. Taxpayers To Bail Out Failing Musicians' Union Pension Fund With $1.5 Billion, PBGC Announces
As of Monday, the PBGC has pledged nearly $62 billion of taxpayers' money to bailout union pension plans.
By Peter List, Editor | July 15, 2024
On Monday, the Pension Benefit Guaranty Corporation (PBGC) announced that it had approved giving $1.5 billion of taxpayer money to yet another underfunded union pension plan: The American Federation of Musicians and Employers Pension Plan (American Federation of Musicians Plan), which is based in New York City and covers 49,180 participants in the entertainment industry.
The union pension plan bailout scheme was built into the $1.9 trillion American Rescue Act, in which Congress allocated $91 billion to giving underfunded pension plans through the PBGC.
“As of July 15, 2024, PBGC has announced approval of about $61.9 billion in SFA to plans that cover about 1,076,000 workers, retirees, and beneficiaries,” the PBGC stated in its announcement.
In June, Democrats stated they planned to use the taxpayer-funded pension bailout scheme to rally union voters in the upcoming November general elections.
Go here for prior posts about the PBGC’s taxpayer-funded pension bailouts.
