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Season 3, Episode 55

Largest pension plan on brink of failure will soon be eligible for relief

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America's Work Force Union Podcast AWF

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Guest Name:

John Murphy

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teamster.org

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International Brotherhood of Teamsters Vice President At-Large John Murphy appeared on the America’s Work Force Union Podcast to discuss the Central States Pension Plan’s ability to file for relief from the Pension Benefit Guaranty Corporation (PBGC), which will protect full benefits for retirees and working Teamsters through 2051.

Under the American Rescue Plan funding, six pension funds, so far, have applied for and received approval for special financial assistance totaling $1 billion.

The high water mark for the PBGC will come on April 1, when the Central States Pension Plan is eligible to file. The plan is the largest pension plan in the nation identified as being on the brink of collapse, and Murphy expects the plan to file more than north of $30 billion in relief.

The law requires the PBGC to accept or reject the application within 120 days, and Murphy expects complete approval of the Central States’ request. He anticipates relief funds will be available sometime in early August. At that point, more than 360,000 retirees and participants will have nightmare cuts to their accrued benefits removed, he said.

Since the American Rescue Plan was signed into law by President Biden, the relief provided to retirees has been incredible, Murphy noted. The passage of the law is proof representative democracy can still be successful through the work of ordinary people, he added.

Listen to the entire episode to learn more about the relief the American Rescue Plan provides to pension plans.

America’s Work Force is the only daily labor podcast in the US and has been on the air since 1993, supplying listeners with useful, relevant input into their daily lives through fact-finding features, in-depth interviews, informative news segments and practical consumer reports. America’s Work Force is committed to providing an accessible venue in which America's workers and their families can hear discussion on important, relevant topics such as employment, healthcare, legislative action, labor-management relations, corporate practices, finances, local and national politics, consumer reports and labor issues.

America’s Work Force Union Podcast is brought to you in part by our sponsors: AFL-CIO, American Federation of Government Employees, American Federation of Musicians Local 4, Alliance for American Manufacturing, Anthem Blue Cross Blue Shield, Brotherhood of Maintenance of Way Employes-IBT, Boyd Watterson, Columbus/Central Ohio Building and Construction Trades Council, Communication Workers of America, Mechanical Insulators Labor Management Cooperative Trust, International Association of Heat and Frost Insulators and Allied Workers Local 50, International Federation of Professional and Technical Engineers, International Union of Bricklayers and Allied Crafts, International Union of Painters and Allied Trades District Council 6, Ironworkers Great Lakes District Council, Melwood, The Labor Citizen newspaper, Laborers International Union of North America, The National Labor Office of Blue Cross and Blue Shield, North Coast Area Labor Federation, Ohio Federation of Teachers, United Labor Agency, United Steelworkers.

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