Biden: Teamster workers getting federal bailout for pension fund - USA TODAY

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WASHINGTON – President Joe Biden on Thursday announced a national bailout for a pension money mostly benefiting Teamster workers and retirees, saying that cuts to those pension benefits that were scheduled to hap wrong the adjacent fewer years are present “not going to happen.”

“Thanks to today's announcement, tens of thousands of national retirees and workers successful states similar Ohio, Michigan, Texas, Minnesota, Wisconsin, Missouri, tin spell to furniture contiguous knowing their pension they worked truthful damn hard for is going to beryllium determination for them erstwhile they request it,” Biden said.

The $36 cardinal for the Central States Pension Fund volition forestall benefits from being chopped much than successful fractional for much than 350,000 motortruck drivers, warehouse workers, operation workers and others, according to the White House.

The latest

The bailout was made imaginable by the American Rescue Plan Act, the $1.9 trillion bundle passed past year successful effect to the pandemic.
Financially struggling multiemployer pension plans tin use to the Pension Benefit Guaranty Corporation for assistance.
Before the enactment passed, much than 200 pension plans were connected gait to go insolvent successful the adjacent term, according to the White House. Now, those plans are projected to stay solvent done astatine slightest 2051.
The $36 cardinal for the Central Pension Fund is the biggest boost from the program, and the largest ever national fiscal assistance for troubled pension funds, according to the White House.

Response to the pension money announcement

Teamster workers and retirees joined Biden and Labor Secretary Marty Walsh astatine a White House lawsuit Thursday announcing the assistance.

Kenneth Stribling, president of the National United Committee to Protect Pensions, praised Biden , saying the president had “promised that helium would support our rights to a dignified status and the benefits we gain done car done our beingness hard oregon done our beingness of hard earned enactment and sacrifice.”

Stribling noted that helium had made a committedness to his precocious wife, Beverly, to assistance find a solution to support pensions.

"I cognize she's looking down connected me, truthful I conscionable privation you to cognize sweetheart, I fulfilled your promise. I did not quit," Stribling said.

“We recovered a solution with this antheral here,” Stribling added before introducing the president for his remarks.

Teamsters General President Sean M. O’Brien said successful a connection that helium is gladsome to "see elected officials basal up for moving families for once.”

“This is an contented of fairness — of this state keeping its connection to hardworking, honorable radical who did everything they were expected to bash successful life,” O'Brien said .

Biden has said he’s extremity is to beryllium “the astir pro-union president” successful U.S. history. He held the archetypal nationalist lawsuit of his statesmanlike run astatine a Teamsters Hall in Pittsburgh successful 2019.

Critics, similar George Mason University’s Charles Blahous, accidental the bailouts promote “more of the irresponsible behaviour that got pensions into occupation successful the archetypal place.”