President Biden will announce Thursday that he’s spending $36 billion of taxpayer funds to bail out a troubled Teamsters union pension plan projected to run out of money in 2025.
The money being doled out to the Central States Pension Fund is the largest-ever federal bailout of a pension plan. Mr. Biden is using money in his $1.9 trillion COVID-19 relief law to save the fund, which is facing insolvency.
A White House fact sheet previewing Mr. Biden’s announcement said the money will ensure 350,000 union workers and retirees will have their benefits remain solvent through at least 2051.