By Ginger Adams Otis
The clock is ticking for 71 penniless union pension funds that rely on a
federal insurance company to support their retirees — because the
agency itself is also running out of cash, its director said Wednesday.
The Pension Benefit Guaranty Corporation’s limited liquidity is part of
the spiraling U.S. pension crisis that threatens to wipe out the
retirement savings of more than a million Americans.
The PBGC talked about its reduced circumstances Wednesday as it
announced that it is now officially making pension payouts for Teamsters
Local 707.
The New York union’s pension fund — covering 4,000 retired truckers
across the city and Long Island — hit rock bottom in February.
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Source: The New York Daily News (via The Empire Report)
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