Stimulus Package Includes $86 Billion Bailout for Union Pensions
President Joe Biden speaks from the State Dining Room following the passage of the American Rescue Plan in the U.S. Senate at the White House March 6, 2021, in Washington, D.C.
(Photo: Samuel Corum/ Stringer/Getty Images
An $86 billion bailout for nearly 200 union pensions was included in the Democrats’ massive stimulus package, which President Joe Biden is expected to sign into law soon.
More than a million unionized truck drivers, retail clerks, construction workers, and others would likely miss out on retirement income without the bailout, according to The New York Times.
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Rescue Package Includes $86 Billion Bailout for Failing Pensions
Democrats pushed through a big aid measure for multiemployer pensions whose problems predate the pandemic.
Senator Sherrod Brown, a Democrat from Ohio, has been leading the effort to rescue the ailing pension plans.Credit.Alex Brandon/Associated Press
March 7, 2021
Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.
Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.