22,000 union workers, retirees in Wisconsin to benefit from federal funding for pension fund
About 22,000 union workers and retirees in Wisconsin are expected to benefit from a $36 billion federal award from the Central States Pension Fund.
This funding from the American Rescue Plan Act’s Special Financial Assistance Program represents the largest award of federal financial support in history for worker and retiree pensions, according to a fact sheet from the White House.
Federal officials said the funding will protect more than 350,000 union workers and retirees from having their pension benefits cut by about 60% in the coming years. With the additional funding, the Central States Pension Fund says it will be paying full benefits to these beneficiaries through 2051. The expected pension benefits cuts would have resulted in an average decline of $10,000 per year.
Workers included in the Central States Pension Fund include truck drivers, warehouse workers, construction workers, and food processors. Those impacted by the new funding are located in Wisconsin, Michigan, Ohio, Missouri, Illinois, Indiana, Minnesota, Texas, Tennessee, and Florida, the fact sheet shows.