Bloomberg Law
Dec. 8, 2022, 8:29 PM

Biden’s Massive Pension Bailout Follows Years of Rescue Efforts

Austin R. Ramsey
Austin R. Ramsey

A $36 billion Biden administration allocation to the Central States Pension Fund is the culmination of a decades-long effort mired in controversy to ensure pensioners’ benefits aren’t slashed due to funding troubles until at least 2051.

It’s the largest taxpayer-funded financial assistance package the government is expected to apportion as part of the estimated $90 billion 2021 American Rescue Plan Act (Pub.L 117-2) program. That relief package is aimed at bailing out 200 of the country’s most severely underfunded union-backed pension plans.

Central States, a Teamsters plan representing more than 350,000 workers and retirees, has been the poster ...

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