July 30, 2024

In a significant victory for American workers, President Joe Biden announced the safeguarding of pensions for over 600,000 Teamster workers and retirees, including 70,000 individuals in New England and 6,000 beneficiaries in New Hampshire alone. This announcement underscores the Biden Administration's commitment to protecting the financial futures of hardworking Americans.

Before the enactment of the American Rescue Plan, many multiemployer pension funds were on the brink of insolvency. The Central States Pension Fund, for instance, was only 14.5% funded and faced imminent collapse. Without intervention, this would have resulted in severe cuts to the pensions of hundreds of thousands of retirees, with some facing reductions of up to 60% (PolitiFact) (TDU).

The American Rescue Plan, passed in 2021 without any Republican support, included provisions that prevented these devastating cuts by injecting $36 billion into the Central States Pension Fund and other struggling pension plans. This historic bailout, the largest of its kind, has since restored the fund to a healthy status, now 97.5% funded, securing the pensions of millions of Americans​ (Business Insurance) (TDU).

In New England, the rescue plan has provided critical financial security to thousands of Teamsters. President Biden, alongside Senators Jeanne Shaheen and Maggie Hassan, emphasized the importance of this move for the region’s workers. The funds ensure that retirees who had spent decades contributing to their pensions can now look forward to a dignified retirement without fear of financial instability.

The successful turnaround of these pension funds highlights the administration's broader efforts to strengthen the American economy and protect workers' rights. By securing the pensions of Teamsters in New England and across the country, President Biden has delivered on his promise to support American workers and their families.

Click here to see the official White House press release Click here to read about it on the New England Teamsters Pension Fund (NETTIPF) page

The Power Slate does not endorse any particular political party or candidate. The information provided is based on facts and any political party, candidate, or elected official mentioned is to provide context and background information.