Federal relief includes pension bailout
April 2, 2021
In addition to the popular $1,400 payments for many citizens, the recently passed $1.9 trillion federal American Relief Plan also allocated $86 billion to help stabilize distressed multi-employer pension funds for the next three decades.
The money would shore up 185 union pension plans that are close to collapse. It’s a group that includes a million retired truck drivers, retail clerks, builders and others who face a loss of earned retirement income.
Cloquet’s Sherman Liimatainen serves as vice president of the National United Committee to Protect Pensions and he co-chaired the American...