Tyr-Ziu Saxnot
06-06-2021, 09:58 AM
https://www.inquirer.com/business/bailout-pensions-jobs-retirement-richard-neal-wendell-young-guild-20210308.html
Business
Congress bails out troubled pension plans for teamsters, Acme, carpenters, electricians, and others in Philly area
Democrats tucked into the $1.9 trillion stimulus bill some $86 billion in funding to rescue financially troubled pension plans.
Congressman Richard E. Neal (D., Mass), shown here after winning a primary last year, was a key figure in pushing for a bailout of troubled pension funds. Neal is the Democratic chairman of the U.S. House Ways and Means Committee.
Congressman Richard E. Neal (D., Mass), shown here after winning a primary last year, was a key figure in pushing for a bailout of troubled pension funds. Neal is the Democratic chairman of the U.S. House Ways and Means Committee. Read more
Don Treeger / AP
Craig R. McCoy
by Craig R. McCoy
Published Mar 8, 2021
The sweeping stimulus bill awaiting expected final passage by Congress sets aside $86 billion to rescue nearly 200 failing pension plans nationwide, guaranteeing full pensions for more than a million retirees and workers, including many in the Philadelphia area.
The influx of money should, in particular, help protect pensions of 100,000 supermarket workers and retirees in the region affiliated with the United Food and Commercial Workers union, according to Wendell Young 4th, president of its Local 1776.
“This is good news,” said Young, whose union represents workers at Acme and other markets.
Nationally, the biggest plan in need of a bailout is the massive Teamsters Central States plan, which represents 400,000 participants in Ohio, Michigan and other Midwestern states and is projected to go broke in 2025. It alone faces a deficit of more than $20 billion.
ADVERTISEMENT
Music soothes in West Philly, where PorchFest music party offers ‘first fun day in a year’
The bill passed the U.S. House and Senate on strictly partisan lines last week — no Republican voted for the stimulus package in the Senate or initially in the House. It is to go back before the House on Tuesday so legislators can iron out some differences. Supporters say House passage and President Joe Biden’s signature are assured.
After years of deadlock due to GOP opposition, the new Democratic majority in the Senate paved the way for the inclusion of the bailout in the $1.9 trillion stimulus package that would spend $442 billion to send a $1,400 stimulus check to many Americans, among a host of other newly funded programs.
Under the pension bailout, money to assist eligible plans would come directly from the U.S. Treasury Department as grants, not as loans, as originally proposed. Plan participants would receive 100% of their earned pension benefits.
U.S. Rep. Richard E. Neal, the Massachusetts Democrat who chairs the House Ways and Means Committee, was a crucial player in the last-minute scramble to enact what Democrats called “the American Rescue Plan.”
“We are helping workers and retirees who have done everything right, saved year after year, and now, thanks to the American Rescue Plan, they won’t lose their hard-earned savings,” Neal said in a statement.
On Friday, the day before the Senate approved the stimulus bill, U.S. Sen. Charles Grassley (R., Iowa) proposed a rival pension rescue. Grassley and other Republicans complained that the Democratic proposal was, in Grassley’s words, “a blank check,” had nothing to do with COVID-19, and contained no measures to fix the mistakes that led plans to fail.
The plan is especially targeted at what are called “multi-employer” funds, many of which are for working-class jobholders. Of the more than 10 million participants in such funds, about 1.3 million are in plans that will soon run out of money.
In all, the U.S. Labor Department has officially designated 61 pension plans in “critical and declining” status, its most serious designation. It lists 112 more in “critical” status, a somewhat less serious category. Both groups would receive money.
Nationally, the biggest plan in need of a bailout is the massive Teamsters Central States plan, which represents 400,000 participants in Ohio, Michigan and other Midwestern states and is projected to go broke in 2025. It alone faces a deficit of more than $20 billion.
20 billion dollars goes to the teamster union!!!
Really!!! And we citizens got a mere pittance...
while the corrupt dems made sure their kickback partner , the mafia controlled ally got 20 billion dollars...
wake up to how much worse it is going to get during the idiot corrupt POS that the dems stole the election to install over us.
Just remember that 20 billion dollars that went to the Teamsters.. That pretty much says it all about corruption by the ffing dems...-Tyr
Business
Congress bails out troubled pension plans for teamsters, Acme, carpenters, electricians, and others in Philly area
Democrats tucked into the $1.9 trillion stimulus bill some $86 billion in funding to rescue financially troubled pension plans.
Congressman Richard E. Neal (D., Mass), shown here after winning a primary last year, was a key figure in pushing for a bailout of troubled pension funds. Neal is the Democratic chairman of the U.S. House Ways and Means Committee.
Congressman Richard E. Neal (D., Mass), shown here after winning a primary last year, was a key figure in pushing for a bailout of troubled pension funds. Neal is the Democratic chairman of the U.S. House Ways and Means Committee. Read more
Don Treeger / AP
Craig R. McCoy
by Craig R. McCoy
Published Mar 8, 2021
The sweeping stimulus bill awaiting expected final passage by Congress sets aside $86 billion to rescue nearly 200 failing pension plans nationwide, guaranteeing full pensions for more than a million retirees and workers, including many in the Philadelphia area.
The influx of money should, in particular, help protect pensions of 100,000 supermarket workers and retirees in the region affiliated with the United Food and Commercial Workers union, according to Wendell Young 4th, president of its Local 1776.
“This is good news,” said Young, whose union represents workers at Acme and other markets.
Nationally, the biggest plan in need of a bailout is the massive Teamsters Central States plan, which represents 400,000 participants in Ohio, Michigan and other Midwestern states and is projected to go broke in 2025. It alone faces a deficit of more than $20 billion.
ADVERTISEMENT
Music soothes in West Philly, where PorchFest music party offers ‘first fun day in a year’
The bill passed the U.S. House and Senate on strictly partisan lines last week — no Republican voted for the stimulus package in the Senate or initially in the House. It is to go back before the House on Tuesday so legislators can iron out some differences. Supporters say House passage and President Joe Biden’s signature are assured.
After years of deadlock due to GOP opposition, the new Democratic majority in the Senate paved the way for the inclusion of the bailout in the $1.9 trillion stimulus package that would spend $442 billion to send a $1,400 stimulus check to many Americans, among a host of other newly funded programs.
Under the pension bailout, money to assist eligible plans would come directly from the U.S. Treasury Department as grants, not as loans, as originally proposed. Plan participants would receive 100% of their earned pension benefits.
U.S. Rep. Richard E. Neal, the Massachusetts Democrat who chairs the House Ways and Means Committee, was a crucial player in the last-minute scramble to enact what Democrats called “the American Rescue Plan.”
“We are helping workers and retirees who have done everything right, saved year after year, and now, thanks to the American Rescue Plan, they won’t lose their hard-earned savings,” Neal said in a statement.
On Friday, the day before the Senate approved the stimulus bill, U.S. Sen. Charles Grassley (R., Iowa) proposed a rival pension rescue. Grassley and other Republicans complained that the Democratic proposal was, in Grassley’s words, “a blank check,” had nothing to do with COVID-19, and contained no measures to fix the mistakes that led plans to fail.
The plan is especially targeted at what are called “multi-employer” funds, many of which are for working-class jobholders. Of the more than 10 million participants in such funds, about 1.3 million are in plans that will soon run out of money.
In all, the U.S. Labor Department has officially designated 61 pension plans in “critical and declining” status, its most serious designation. It lists 112 more in “critical” status, a somewhat less serious category. Both groups would receive money.
Nationally, the biggest plan in need of a bailout is the massive Teamsters Central States plan, which represents 400,000 participants in Ohio, Michigan and other Midwestern states and is projected to go broke in 2025. It alone faces a deficit of more than $20 billion.
20 billion dollars goes to the teamster union!!!
Really!!! And we citizens got a mere pittance...
while the corrupt dems made sure their kickback partner , the mafia controlled ally got 20 billion dollars...
wake up to how much worse it is going to get during the idiot corrupt POS that the dems stole the election to install over us.
Just remember that 20 billion dollars that went to the Teamsters.. That pretty much says it all about corruption by the ffing dems...-Tyr