How much did Congress bail out Teamsters Pension Plan?

How much did Congress bail out Teamsters Pension Plan?

After years of deadlock due to GOP opposition, the new Democratic majority in the Senate paved the way for the inclusion of the bailout in the $1.9 trillion stimulus package that would spend $442 billion to send a $1,400 stimulus check to many Americans, among a host of other newly funded programs.

Who is the vice president of the Teamster Union?

John Murphy, a Teamster union international vice president at-large and key lobbyist for the bailout, hailed it in an interview, saying that the money would remove an “incredible amount of stress” burdening many retirees.

Who are the Teamsters that need a bailout?

“This is good news,” said Young, whose unions represents workers at Acme and other markets. Nationally, the biggest plan in need of a bailout is the massive Teamsters Central States plan, which represents 400,000 participants in Ohio, Michigan and other Midwestern states and is projected to go broke in 2025.

When did Teamsters pension fund go into critical status?

It was 2015 when all 410,000 current and retired Teamsters in the Central States Pension Fund received that letter, informing them they would be spending their golden years broke. Congress had just made it legal for a multi-employer pension fund in “critical status” to yank back retirees’ hard-earned income.

Who are the Teamsters in the Central States?

A number of Teamster locals, including Louisville Local 89, joined the fight. Thousands of retirees traveled to D.C. to rally at the Capitol. A month later, feeling the pressure, Feinberg nixed the Central States cuts. That still left the bigger problem—the pension funds needed money.

Are there any Teamster pension plans that are eligible for ARP?

As part of the ARP, more than 50 Teamster pension plans – including its largest, the Central States Pension Fund – are eligible for assistance at the outset of the bill’s enactment, with more of the union’s plans becoming eligible in 2022. [To read more about how the ARP will help workers, click here .]

What’s the pension for a freight teamster?

“My letter said, starting in a couple months, your pension will go from $3,000 a month down to $1,500,” said Greg Smith, who had put in 31 years as a freight Teamster. “When people got those, all of a sudden the phone started ringing.”

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