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$86 billion to help troubled pension plans

Not only will the $1.9 trillion American Rescue Plan issuing stimulus checks to most Americans, give aid to states and local governments, and expands unemployment benefits; the bill includes $86 billion to help troubled retirement plans. Currently, there are about 1,400 plans in the U.S. covering 10 million people with almost 100 of them currently classified as in “critical and declining” status. The bill creates a financial assistance program to send cash payments totaling $86 billion to the Pension Benefit Guaranty Corporation, the government agency that serves as a financial backstop. Ben Werschkul’s article for Yahoo!Finance, he explains how this money is a culmination of the decades-long push to shore up some of the country’s financially troubled multi-employer pension plans. Read Mr. Werschkul’s article here…

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