The Biden administration awarded $36 billion to prevent cuts to the pensions of roughly 357,000 union workers and retirees. It’s the largest federal award of its kind, according to the White House.
The Biden administration awarded $36 billion Thursday to prevent cuts to the pensions of roughly 357,000 union workers and retirees. It’s the largest federal award of its kind, according to the White House. The funding comes from the American Rescue Plan, a federal pandemic aid package passed by Congress in 2021 that allowed some struggling multiemployer pension plans to apply for financial assistance.
At the time the American Rescue Plan was passed, more than 200 multiemployer pension plans were struggling to continue paying the retirement benefits workers had earned. Normally, when a multiemployer fund like Central States runs out of money, a government insurance fund called the Pension Benefit Guaranty Corporation, or PBGC, kicks in so that retirees still receive a partial benefit. But the PBGC itself has been underfunded and was expected to become insolvent in 2026.
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