Dec. 8 (UPI) -- President Joe Biden on Thursday announced $36 billion in financial relief for the Central States Pension Fund, which will prevent cuts in benefits for 350,000 union workers and retirees.
The Central States Pension Fund reported in August that it had $7.4 billion in assets and had applied for $35.1 billion in relief. The White House estimated that retirees would have faced a roughly 60% reduction in benefits without financial relief, according to The Hill.