|
15,000 Western Pa. Teamsters’ Pension Benefits Restored
|
|
|
 July 28, 2022 | PENSIONS | Pension benefits were restored for some 15,000 people covered by the Western Pennsylvania Teamsters and Employers Pension Plan after a federal government bailout of the plan that was announced Monday. On average, Teamster pension benefits were cut 20% in 2019 to stave off plan insolvency, which was forecast for 2025. The Pension Benefit Guaranty Corporation fully restored the retirement benefits, starting from the time the cuts were imposed. The American Rescue Plan Act of 2021 — which funded the pension bailout and targeted a number of industries for financial support, including hospitals and local government agencies — also propped up severely underfunded multiemployer pension plans. Pittsburgh Post-Gazette PHOTO/ADOBE STOCK
|
|
|
|
