Posted on Dec 9, 2022
Biden Grants Historic Federal Bailout to Union Pension Fund Struggling in His Economy -...
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The Central States Pension Fund, which provides benefits to Teamsters union members in the trucking, warehouse, and construction industries, was projected to run out of money by 2025 due to rising inflation, weak stock markets, and a lack of active workers participating in the fund, the Washington Times reported. Biden plans to save the fund from insolvency by using money from his $1.9 trillion dollar American Rescue plan, which even Democrat lawmakers admit caused the country's record high inflation.
Biden Grants Historic Federal Bailout to Union Pension Fund Struggling in His Economy -...
Posted from freebeacon.com
Joe Biden
Money
Pension
Edited 2 y ago
Posted 2 y ago
Responses: 6
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Lt Col Charlie Brown This is bull$hit. The taxpayers should not be bailing out a union pension plan because of their mismanagement of funds.
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Lt Col Charlie Brown
Agreed. But the union will pay back the Dems by turning out votes for them and donating money as well...thus the revolving door between the Dems and the Unions.
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When the Markets recover, and they will, will the Government get their money back? Doubtful, they'll mismanage that too.
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I assume the outrage is because people weren't aware of this happening back in the beginning of last year when the ARP was passed. Heck, the Teamster union even crowed about their political efforts in getting it passed and praised that "Under the new law, money to assist eligible plans will come directly from the U.S. Treasury Department in the form of grants which would not need to be repaid".
If you're going to bail-out something there needs to be some pain involved for the entity that was bailed out, otherwise you just encourage more irresponsibility.
So .. let's start with the Teamster Union:
1) Mandatory elimination of political contributions. In the last 10 years, they've made over $92M in political contributions ... union members probably could use that money.. While you're at it, strip all the non-pension related spending .. that alone will bring back solvency to the pension.
2) Leadership restructuring. Have a federal court appoint a conservator like they did when they busted up their organized crime ties* except instead of just the leadership, they need to have oversight of the books (by the way, they spent about $170M on federal oversight because of this... more money saved if they played by the books). Bring back Kenneth Feinberg to sharpen the machette.
3) As part of #2, address the corruption and internal abuses of powers by the main and local teamster unions.
4) Finally ... stop the damn groundhog day. The Pension Benefit Guaranty Corporation previously gave the NY chapter of the Teamster Union almost $1B back in 2017 to bail it out.
The Teamster pension plan has been in trouble for a long time - from the time they were in bed with the Mafia to the ripe corruption of today. I hate it for the members, but if you're going to keep electing the same representatives doing the same rotten things over and over again...
You kinda deserve what you get.
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* Teamster oversight - https://www.politico.com/story/2015/01/justice-department-teamsters-union-supervision-ends-114281
* Local Teamster pension bailout (NY) - https://www.pbgc.gov/news/press/releases/pr22-42
If you're going to bail-out something there needs to be some pain involved for the entity that was bailed out, otherwise you just encourage more irresponsibility.
So .. let's start with the Teamster Union:
1) Mandatory elimination of political contributions. In the last 10 years, they've made over $92M in political contributions ... union members probably could use that money.. While you're at it, strip all the non-pension related spending .. that alone will bring back solvency to the pension.
2) Leadership restructuring. Have a federal court appoint a conservator like they did when they busted up their organized crime ties* except instead of just the leadership, they need to have oversight of the books (by the way, they spent about $170M on federal oversight because of this... more money saved if they played by the books). Bring back Kenneth Feinberg to sharpen the machette.
3) As part of #2, address the corruption and internal abuses of powers by the main and local teamster unions.
4) Finally ... stop the damn groundhog day. The Pension Benefit Guaranty Corporation previously gave the NY chapter of the Teamster Union almost $1B back in 2017 to bail it out.
The Teamster pension plan has been in trouble for a long time - from the time they were in bed with the Mafia to the ripe corruption of today. I hate it for the members, but if you're going to keep electing the same representatives doing the same rotten things over and over again...
You kinda deserve what you get.
----------------------------------------------
* Teamster oversight - https://www.politico.com/story/2015/01/justice-department-teamsters-union-supervision-ends-114281
* Local Teamster pension bailout (NY) - https://www.pbgc.gov/news/press/releases/pr22-42
With end of Teamsters supervision, an era passes
The Justice Department concludes, in effect, that the union's bad old days are over.
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