On Thursday, President Joe Biden announced that a federal bailout was granted to a pension fund that mainly benefits Teamster workers and retirees. He stated that any reductions to pension benefits that were expected to take place within the next few decades are “not going to” now.

Biden stated that “thanks to today’s announcement, tens, thousands of union retirees in states such as Ohio, Michigan, Texas and Minnesota can go to sleep tonight knowing that their pension they worked so damn well for will be there for them when it is needed.”

According to the White House, the $36 billion for Central States Pension Fund will ensure that benefits are not reduced more than half for more 350,000 truck drivers, warehouse workers and construction workers.

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The American Rescue Plan Act, a $1.9 trillion package that was passed in the wake of the pandemic, made it possible to bail out the victims.

Multiemployer pension plans that are financially struggling can apply for assistance from the Pension Benefit Guaranty Corporation.

According to the White House, over 200 pension plans were at risk of becoming insolvent within the next few years before the act was passed. These plans are expected to be solvent until at least 2051.

According to the White House, the $36 billion provided by the Central Pension Fund represents the greatest boost and the largest federal financial assistance for distressed pension funds.

Response to the announcement about the pension fund

Retirees and Teamster workers joined Biden and Marty Walsh at the White House event Thursday to announce the assistance.

Kenneth Stribling of the National United Committee to Protect Pensions praised Biden, saying that the president had “promised” that he would defend our rights to a dignified pension and the benefits we receive through auto through our lives hard or our lifetimes of sacrifice and hard work.

Stribling mentioned that he had promised his wife Beverly to find a way to protect her pensions.

“I know she looks down on me so I just want to let you know, sweetheart, that I kept your promise. I did not quit,” Stribling said.

Stribling said, “We found a solution for this man here,” before introducing the president.

Sean M. O’Brien, General President of Teamsters, stated in a statement that he was glad to see “elected officials stand up for working people for once.”

O’Brien stated that “This is a matter of fairness — of the country keeping its promise to hardworking, honest individuals who did all they were supposed to in life.”

Biden stated that he wants to be the “most pro-union president” in American history. In 2019, he held the first public event in his presidential campaign at a Teamsters Hall, Pittsburgh.

Charles Blahous from George Mason University is one of many critics who believe bailouts encourage “more irresponsible behaviour that got pensions in trouble in the first instance.”

Who is being assisted?

Many states have retirees or workers who are expected to be able to benefit. These are the states that have the greatest number of beneficiaries:

Michigan: 40,300

Ohio: 39,900

Missouri: 27,800

Illinois: 25,000

Texas: 22,500

Wisconsin: 21,900

Indiana: 19,600

Minnesota: 19,300

Florida: 18,700

Tennessee: 14,200