They have tried to turn the provision, which would benefit only union workers and retirees, into a political liability for Democrats. Tucked contained in the $1.9 trillion stimulus invoice that cleared the Senate on Saturday is an $86 billion assist bundle that has nothing to do with the pandemic. That’s on top of the $25 billion in assistance provided by the relief package passed in December. Assistance could be provided for up to 18 months, according to the National Low Income Housing Coalition. That would leave the roughly 80,000 other union retirees whose pensions the agency now pays without their payouts. What would the relief bill do about health insurance? The new legislation changes that. The New York Times - Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. To receive financial assistance — which could be used for rent, utilities and other housing expenses — households would have to meet several conditions. Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. Grants offered by the American Rescue Plan would cover full pension benefits for workers in ailing plans over the next three decades. By Thomas Catenacci - An $86 billion bailout for nearly 200 union pensions was included in the Democrats’ massive stimulus package, which President Joe Biden is expected to sign into law soon. Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so … Using taxpayer dollars to bail out pension plans is almost unheard-of. The new legislation does nothing to change that dynamic. How big are the stimulus payments in the bill, and who is eligible? The grants are intended to pay the retirees their full pensions, a much better deal than the pension agency’s regular multiemployer pension insurance, which is limited by statute to $12,870 per year. Tucked contained in the $1.9 trillion stimulus invoice that cleared the Senate on Saturday is an $86 billion support bundle that has nothing to do with the. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. The Congressional Budget Office estimated that 185 plans were likely to receive assistance, but as many as 336 might under certain circumstances. "It goes back to the fact that these workers didn't do anything wrong," Brown told The New York Times on Thursday. The trend of failing pensions started long before the pandemic. Read more. For heads of household, adjusted gross income would need to be $112,500 or below, and for married couples filing jointly that number would need to be $150,000 or below. Until now, the PBGC, a government-sponsored entity, has been able to step in to pay at least partial benefits in the event of a pension failure. Got a confidential news tip? By Thomas Catenacci - An $86 billion bailout for nearly 200 union pensions was included in the Democrats’ massive stimulus package, which President Joe Biden is expected to sign into law soon. “If you give him $1,500 and you don’t do anything else, the odds that the problem is going to get fixed are pretty low.”. Rescue Package Includes $86 Billion Bailout for Failing Pensions March 7, 2021 by Staff Reporter Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. Rescue Package Includes $86 Billion Bailout for Failing Pensions Democrats pushed through a big aid measure for multiemployer pensions whose problems predate the pandemic. The House is expected to pass it Tuesday. Democrats pushed through a big aid measure for multiemployer pensions whose problems predate the pandemic. “When things go well, the participants get the benefits. About $27 billion would go toward emergency rental assistance. To qualify for the full $1,400, a single person would need an adjusted gross income of $75,000 or below. Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. These plans pay benefits to union workers in industries such as construction, manufacturing, mining, retail transportation and entertainment. Rescue Package Includes $86 Billion Bailout for Failing Pensions New York Times ^ | 08 March 2021 | Mary Williams Walsh and Alan Rappeport Posted on 03/08/2021 5:32:54 AM PST by zeestephen. It would use the new money to make grants to qualifying pension plans, allowing them to pay their retirees.