This year, they’re at it again, except on a larger scale. Under pressure from a few very large and politically powerful plans—including the United Mine Workers of America and the Central States Trucking Union—liberal lawmakers are seeking up to a hundredfold increase in taxpayer bailouts for private, union-run pension plans.
Across the U.S., there are more than 1,300 union-run or “multiemployer” pension plans. More than 90 percent of them have set aside less than 60 percent of what they promised to pay.
Private pension plans are a part of workers’ compensation. In the case of union-run or multiemployer pension plans, unions and employers together negotiate and manage pension plan contributions and investments.