More Failing Union Pensions In November

Unions force you to pay dues, go on strike when they want and control your work life.  Little know is that many union pension funds go belly up.

“As of November 27, 2024, the Pension Benefit Guaranty Corporation (PBGC) announced that it had approved about $69.7 billion in taxpayer-funded “Special Financial Assistance” (SFA) to 102 failing union pension plans that cover about 1,230,000 workers, retirees, and beneficiaries.

This includes four failing union pensions that it bailed out in the latter half of November:

• On November 19th, the PBGC announced it would give the United Food and Commercial Workers International Union, Local 360 Labor-Management Pension Plan (UFCW Local 360 Labor-Management Plan), which is based in Pine Brook, New Jersey, and covers 6,117 participants in the service industry, approximately $30.4 million in SFA, including interest to the expected date of payment to the plan.”

Maybe if they did not have the taxpayer to fall back on, they would run the pension systems like a business.  Until then, the taxpayers must make up for the abuses of the unions of their forced members.

More Failing Union Pensions In November

With less than two months remaining in his presidency, Joe Biden’s bailouts for union pension funds have utilized nearly $70 billion in taxpayer money.

By Peter List, Union Labor News,  12/3/24    https://laborunionnews.substack.com/p/pbgc-announced-taxpayer-bailouts?utm_source=post-email-title&publication_id=705369&post_id=152527431&utm_campaign=email-post-title&isFreemail=true&r=x9o3&triedRedirect=true&utm_medium=email

As of November 27, 2024, the Pension Benefit Guaranty Corporation (PBGC) announced that it had approved about $69.7 billion in taxpayer-funded “Special Financial Assistance” (SFA) to 102 failing union pension plans that cover about 1,230,000 workers, retirees, and beneficiaries.

This includes four failing union pensions that it bailed out in the latter half of November:

• On November 19th, the PBGC announced it would give the United Food and Commercial Workers International Union, Local 360 Labor-Management Pension Plan (UFCW Local 360 Labor-Management Plan), which is based in Pine Brook, New Jersey, and covers 6,117 participants in the service industry, approximately $30.4 million in SFA, including interest to the expected date of payment to the plan.
• On November 25th, the PBGC announced it would give the International Longshore and Warehouse Union Employers’ – Warehousemen’s Pension Plan (ILWU Employers’ – Warehousemen’s Plan), which is based in Los Angeles and covers 1,821 participants in the manufacturing industry, approximately $41.5 million in SFA, including interest to the expected date of payment to the plan.
• On November 27th, the PBGC announced it would give the Carpenters Industrial Council Lumber Industry Pension Plan (CIC Lumber Industry Plan), which is based in Portland, Oregon and covers 5,834 participants in the construction industry, approximately $110.9 million in SFA, including interest to the expected date of payment to the plan.
• Also on November 27th, the PBGC announced it would give the International Brotherhood of Teamsters Local 1034 Pension Fund (Teamsters Local 1034 Fund), which is based in Long Island City, New York and covers 1,321 participants in the transportation industry, approximately $48.7 million in SFA, including interest to the expected date of payment to the plan.

The failing union pension plans are also called “multiemployer pension plans” and have been bailed out as part of the American Rescue Plan (ARP) Act – signed by President Biden on March 11, 2021.

“Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies,” the PBGC noted.