Biden will declare $36 billion in relief for a significant pension fund to prevent benefit reductions
According to the White House, President Biden will make a $36 billion financial announcement on Thursday to prevent thousands of union workers from losing their pension benefits.
The Central States Pension Fund, which primarily provides benefits for Teamsters union employees such as truck drivers, warehouse workers, ...
...construction workers, and others, will be discussed in detail by Biden, Labor Secretary Marty Walsh, and union leaders and members.
The Central States Pension Fund reported in August that it had $74 billion in assets and had applied for $351 billion in relief. ...
...The money will come from the American Rescue Plan's Special Financial Assistance Program, according to the White House.
Without financial assistance, the White House estimated that retirees would have seen their benefits reduced by about 60%.
The Teamsters employees' pensions will be safeguarded with the funding that will be announced on Thursday until at least 2051, according ...
...to the White House, which estimated that it would safeguard the benefits of more than 350,000 retirees and active union members.
President Biden's economic strategy is centered on ensuring that workers and their families can benefit from the ...
...retirement security they have accumulated through a lifetime of work, the White House stated in a fact sheet.
However, Biden emphasized that he hoped Congress would revisit the matter in the future and pass legislation ensuring sick ...
...leave for all workers. The deal did not include the additional sick days that union workers had been advocating for.
