Pres. Joe Biden announced on Thursday that an amount of $36 billion rescue package for a pension plan is allotted for the Teamster Pension Fund.
Biden Announced $36 Billion Rescue Package
The Teamster Pension Fund was created to provide participating employees and employers with an affordable, comprehensive, and efficient retirement program. This is a supplement to the Social Security Income and other sources of retirement.
Recently, Pres. Joe Biden announced that an amount of $36 billion is allotted for the Teamster Pension Fund. This is so far the largest in U.S. history, according to a published article in Yahoo Finance.
Biden said, “Thanks to today’s announcement, tens of thousands of union retirees and workers in states like Ohio, Michigan, Texas, Minnesota, Wisconsin, Missouri, can go to bed tonight knowing their pension they worked so damn hard for is going to be there for them when they need it.”
How Will This Help the Pensioners?
Biden also explained that this will help to prevent drastic cuts to the hard-earned pensions of the workers that are scheduled to occur in the next few years. According to some analysts, around 60% projected benefits cut might occur if this will not be prevented.
Biden added, “Over the years due to changing economic trends, persistent attacks on unions, over 200 of these multi-employer plans were facing potential insolvency. That meant 2 to 3 million workers, through no fault of their own — they kept their end of the bargain — faced painful cuts to the benefits they were counting on retirement.”