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A struggling union pension fund for more than 22,500 metro Detroit carpenters and millwrights is getting a $635 million federal bailout, saving retirees from big cuts to their pension checks next ...
An application for federal aid from a struggling pension included 3,500 dead people, according to the federal government. Massive pension bailout must repay millions for including about 3,500 dead ...
Many multi-employer pension plans faced funding shortfalls during and after the Great Recession, when plans were left with many more retirees than active workers. Company bankruptcies and withdrawals from plans, as well as investment losses in 2001 and again in 2008 with the stock market collapse, greatly reduced the amount of money in plans ...
On Dec. 8, President Joe Biden announced $36 billion for the Central States Pension Fund -- the largest ever award of federal financial support for worker and retiree pension security and the ...
The current Butch Lewis Act provides a bailout to fund multi-employer pension plans for 30 years. [4] The bill restores pensions to their full amount and increases the national pension insurance cap. [4] Finally, it requires regular reports to Congress on the status of these pension plans as a preventative measure against future collapse. [4]
[14] [15] The pension funds also challenged the constitutionality of using funds from the Troubled Asset Relief Program to pay for the Chrysler bailout, and claimed that Congress never gave approval for the funds to be used in that manner. [16] Fiat had the right to withdraw from participation in the "New Chrysler" if the deal did not close by ...
Since 2001, U.S. statewide pension funds have experienced significant funding challenges due to the recessions of 2001-2002 and 2008-2009. Prior to the Dot-Com Crash, statewide pension funds were over 95.6% funded in the aggregate. In 2002, the funded ratio had declined to 82.1%.
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