CHICAGO (WBBM NEWSRADIO) -- 25,000 retired members of the Teamster’s Union in Illinois are getting a break from a multi-billion dollar bailout from the White House.
$36 billlion dollars is going to the Teamsters’ Central States Pension Fund, according to the White House.
The money is coming from the American Rescue Plan.
The retirement plan has members in most states, about 350,000 people who could have seen dramatic cuts in benefits in the coming years without federal assistance, because of underfunding and other factors.
Critics say this encourages the practices that got the pension funds in trouble. The bailout will benefit 25,000 retirees in Illinois and 19,000 in Indiana, 22,000 in Wisconsin and 40,000 in Michigan.
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