Photo: President Biden making a statement. Credit: Al Drago/Bloomberg. Photo: Al Drago/Bloomberg.

A collective sigh of relief was heard yesterday from 350,000 retired union workers of the Central States Pension Fund. President Joe Biden on Thursday announced an infusion of nearly $36 billion to shore up the financially troubled union pension plan, preventing severe cuts to the retirement incomes of Teamster workers and retirees across the United States.

The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021.

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