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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 ...
Biden's American Rescue Plan Act provides $83 billion to prevent deep cuts to pension benefits. Here's how the Teamsters quietly maneuvered taxpayer aid to union retirees.
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]
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Many U.S. cities are allowed to participate in the pension plans of their states; some of the largest have their own pension plans. The total number of local government employees in the United States as of 2020 is 14.3 million. There are 11.1 million full-time and 3.1 million part-time local-government civilian employees as of 2020. [16]
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 ...