Bloomberg Law
Jan. 19, 2022, 7:38 PMUpdated: Jan. 19, 2022, 9:47 PM

First Federal Pension Bailout Awards Go to Funds in New York (1)

Austin R. Ramsey
Austin R. Ramsey

A trio of union-backed retirement funds in New York will be first in line to receive a federal bailout under a stimulus bill President Joe Biden signed into law last year.

The pension plans, which together represent more than 6,000 current and former transportation workers, bricklayers, and engineers, will receive a combined $900 million through a stimulus program designed to prop up failing plans negotiated by organized labor.

The first plans to receive assistance or have payments approved are Local 138 Pension Plan, in Baldwin, which got $112.6 million; Bricklayers Local 5 Plan, in Newburgh, which is slated to get ...

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