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#17 | Posted by LampLighter at 2024-01-29 07:47 PM
@#15 ... Promise them ...
Got a link?
One of many: www.pbgc.gov - PBGC Approves Supplemented SFA Application for Local 365 UAW Plan
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Plans that applied for and received SFA under the interim final SFA rule issued in July 2021 are permitted to supplement their application under the provisions of the final SFA rule issued in July 2022. The Local 365 UAW Plan will receive approximately $19 million in supplemented SFA, which is in addition to $228.3 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule. SFA will better ensure that the plan can continue to pay retirement benefits without reduction for many years into the future.
"Today's approval of supplemental Special Financial Assistance, funded by President Biden's American Rescue Plan, in conjunction with the previously approved Special Financial Assistance, means the Local 365 UAW Plan will be able to provide the retirement promised to its 3,736 manufacturing industry workers," said Secretary of Labor Marty Walsh, Chair of the Pension Benefit Guaranty Corporation's Board of Directors.
About the Special Financial Assistance Program
The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. The program provides funding to severely underfunded multiemployer pension plans ...
As of December 20, 2022, PBGC has approved over $45.5 billion in SFA to plans covering over 550,000 workers, retirees, and beneficiaries.
The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022.
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gop-waysandmeans.house.gov - Brady: Democrats Force Taxpayers to Cover Irresponsible Promises with Largest Private Pension Bailout in History
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Democrats rejected protections for union workers in other underfunded multi-employer plans that are not as politically connected as the Teamsters' Central States plan. ...
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"... 37 multiemployer pension plans have requested between $4 million and $35 billion each, with 25 of those plans already approved to receive $6.5 billion of an estimated $97 billion in taxpayer money.
These never-before in U.S. history, no-strings-attached taxpayer bailouts of private multiemployer or union pension plans are part of the American Rescue Plan - despite the fact that this decades-long problem has nothing to do with COVID-19 ...
Now, they're on track to pay out even less, with taxpayers guaranteeing that 100% of whatever certain union pension plans promise will be delivered - at least through 2051..."
The bailout works like this: Plans that are in the worst financial shape can apply to receive lump-sum cash transfers direct from the Treasury (euphemistically called "special financial assistance") in an amount sufficient to continue paying 100% of promised pension benefits through 2051...
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... etc. etc., and so on and so on...
There was never any doubt about endorsement(s), but Shawn Fain did make Biden sweat and made sure that he "walked the plank"... er, "joined the picket line" for a minute.
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