Tag: Pension Benefit Guaranty Corporation
COO James Girardi admitted he was aware of illicit arrangement between CEO and PBGC official.
However, Senate Majority Leader Mitch McConnell has objected to providing funds to fix pension issues.
White House wants new variable-rate premium, saying that would help stave off insolvency for 20 years.
Pension lifeboat will provide three annual payments of $8.9 million to merged plan.
Plans, like the New England Teamsters', covering 1.4 million people are underfunded by $56.5 billion.
Approval is the first under the Multiemployer Pension Reform Act of 2014.