The bailout remedies the short-term problem, but at what cost? Published by Jane the Actuary View all posts by Jane the Actuary
9 thoughts on “Forbes post, “The ‘Covid Relief’ Multiemployer Pension Bailout Is Complete – Now What?””
Jane, what Congress has done is amazing… and not in a good way. As one who is currently on the hook for underfunded pension (see also, withdrawal liability), I wonder which of the unions are troubled enough to receive the bailout? The Budget Office estimated 186 plans might be eligible, and some estimate the number at 336. Do these numbers have names attached? I presume Teamsters would be a big one, but who else?
86 BILLION for failing Union Pension Funds. What about the 20,000+ Delphi Salaried Pensions and Benefits that were earned by us? We worked just as hard and just as long as the Unions did. Our Fund was not failing but was turned over to PBGC anyway and we lost up to 70% of our pensions and all our benefits. Why were we left behind? Why do the politicians keep promising to correct this wrong and then leave us out??? Biden made a campaign speech in Ohio telling us he was gonna do something about it, Congressmen keep using us as campaign promises…why did we get thrown under the bus AGAIN????
I was a UPS driver 1982-2002. In 1992, I asked my UPS business agent to obtain the 2001
pension investment records from the fiduciaries of our Central States Pension Fund. After
looking over the records, I understood why my pension was doomed. The fiduciaries were not
trained in corporate investing and were replaced by government professionals who were the worst crooks of WallStreet: JP Morgan, Goldman Sachs, and several other firms that were bailed out
during the ’08 Crash. They were investing in high risk funds of various types, charging high fees
and using many unnecessary companies to help. High risk investments for retired customers?
Other excuses are weak- This failure was a 100% inside job. Time to keep promises!
I worked for GM/DELHI for over thirty years and moved to be closer to my kids about five years before they took over thirty percent of my retirement and my life insurance. I had to return to work to keep from losing my new home and what I had worked for all those years
Where can one get list of the 186 plans getting bailed out and a list of the other 150 plans that can possibly get bailed out ?
Great article ! Thanks