WASHINGTON — The National Integrated Group pension plan will receive more than $887 million from the federal Pension Benefit Guaranty Corporation, guaranteeing benefits for more than 11,300 Michiganians who work in or have retired from manufacturing jobs, including United Auto Workers retirees.
The plan was expected to run out of money in 2034, Biden administration officials said Thursday, forcing retirees to lose 15% of their benefits. The funding will affect 48,254 manufacturing workers who are a part of the Scranton, Pennsylvania-based plan.
"When people work, as the president says, it's not just about a paycheck, it's about your dignity," said Gene Sperling, senior adviser to President Joe Biden. "Being able to retire with dignity, being able to age in place, being able to maintain a decent standard of living is just critical to that overall sense of dignity at work."
