Pensions for 22,000 Wisconsin union workers and retirees in the Central States Pension Fund have been shored up through 2051 thanks to federal relief money. How in the h-e-double-hockey sticks could something that good happen?
Here’s Five Fast Facts about the Pension Shore Up:
- 👷 Mo’ Money - 350,000 total current and retired teamsters in 10 states (including Wisconsin, duh) are getting a total of $36B in federal money.
- 👩🏭 Mo’ Members - The CSPF is a multiemployer pension fund that provides benefits and retirement for members and qualifying beneficiaries. Members include truck drivers, warehouse workers, construction workers, and food processors.
- 📊 Less Problems - Around 200 similar multiemployer pension plans were in danger of insolvency and the CSPF would have had to cut member benefits by 60% without the cash infusion.
- 💰 Money Man - Money came from the Special Financial Assistance Program that was part of President Biden’s American Rescue Plan.
- 📈 Most Money - The CSPF received the largest amount awarded, with the next largest award coming in at $1.8B. What a bunch of losers.
🔥Bottom line: Blue collar workers win big here. The fact that there is now enough money for 30 years is jaw-dropping and a sure sign that union members aren’t being completely forgotten.
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