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Biden approves $36 billion for underfunded Teamsters pension plan

Posted On: Dec. 9, 2022 10:10 AM CST

President Joe Biden on Dec. 8 announced the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States, reports CNBC. The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021.