Biden’s American Rescue Plan paid $127M to dead Teamsters’ pension plan: watchdog

Hold your horses, Joe!

President Biden’s American Rescue Plan authorized $35.8 billion for a Teamsters’ pension scheme — but the federal agency overseeing the payments failed to prevent $127 million from going to dead participants, according to an inspector general’s report.

The Pension Benefit Guaranty Corporation’s Inspector General found the International Brotherhood of Teamsters’ pension received funds for 3,479 deceased members, a Nov. 1 memo from the office shows.

The federal agency was required to request a death audit from the plan, known as the Central States Pensions Funds, but never verified the accuracy of its information before the money went out.

Central States is one of the largest multi-employer pension funds in the country and can make use of commercial vendors to perform death audits, but in a Nov. 2 statement in response to the watchdog report, the PBGC cited “limitations” on those vendors’ accuracy.

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