$1.9T Relief bill includes $86 billion for failing pension funds

According to the NY Times, the 1.9 trillion dollar relief bill that President Biden is expected to sign Friday includes $86 billion for failing pension funds.

The times writes that “Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.”

“Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income,” the report continues”

“The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job,” the times adds.