Via Cincinnati Enquire
by Alexander Coolidge
The retirement plan covering nearly 5,400 Southwest Ohio union carpenters got a nearly $183 million government bailout on Tuesday, according to an announcement by the federal Pension Benefit Guaranty Corporation.
The money comes from a program aimed at shoring up pension plans, created as part of the broader stimulus package enacted in 2021 in the wake of the COVID-19 outbreak.
The money will benefit members of the Southwest Ohio Regional Council of Carpenters Pension Plan, which in 2019, slashed pension benefits for thousands of members by an average of 18% to remain solvent. PBGC’s approval enables the plan to restore benefits previously suspended and to make payments to retirees to cover prior benefit suspensions, the federally chartered corporation said in a statement. The funding will enable the plan to pay retirement benefits without reduction for many years into the future.
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