US Overpaid Teamsters Pension Counting Dead Participants (1)

The federal government overpaid one of the nation’s largest union-backed pensions by more than $127 million in bailout cash because it failed to detect dead participants the plan had reported, according to a new watchdog memo.

A review by the Pension Benefit Guaranty Corporation’s Office of Inspector General found the government’s private-sector retirement plan insurer didn’t cross-check deceased participants the Central States Pension Plan reported in its application for special financial assistance funding.

As a result, the plan’s $36 billion payout last year accounted for nearly 3,500 participants who are deceased.

President Joe Biden‘s massive multiemployer pension plan ...