Biden releasing nearly $36B to aid pensions of union workers
WASHINGTON, D.C. (CBS 58) -- President Joe Biden is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan.
The federal aid is intended to stop severe cuts to the retirement incomes of more than 350,000 Teamsters workers and retirees.
The Biden administration says it's the largest-ever federal payment to a union pension fund.
The money for the Central States Pension Fund is part of a broader $1.9 trillion coronavirus relief package that Biden signed into law in 2021.
Retirement plans have been under financial pressure because of underfunding and other issues.
Without the federal assistance, Teamster members could have seen their benefits reduced by roughly 60%.