By Chad Livengood
The federal government is planning to pump $635 million into an ailing pension fund for unionized Michigan carpenters and millwrights, sparing more than 20,000 skilled trades workers from deep cuts to their monthly retirement checks.
The Biden administration’s bailout, to be announced Thursday in Detroit by Acting Labor Secretary Julie Su, is expected to nearly double the funding of the Detroit Carpenters Pension Trust Fund, which has experienced a nearly two-decade-long plunge toward insolvency that started years before the Great Recession when Michigan's construction industry had a steep decline in new work.
Comments