Promises Made, Promises Kept in Bringing Retirement Security to 1M+ Americans
(WASHINGTON) – The Teamsters today are celebrating President Biden’s signing of the $1.9 trillion American Rescue Plan (ARP) into law, bold legislation that among other things will boost the retirements of more than 1 million U.S. workers and retirees in faltering multiemployer pension plans to ensure they receive their full benefits.
For more the two decades, the Teamsters – led by General President Jim Hoffa – have been working to secure a pension fix. The union has spent the last six-plus years pushing back on terrible pension legislation enacted in late 2014 that allowed struggling multiemployer pensions to cut earned benefits. [To read more about the Teamsters’ efforts, click here.] Today’s signing brings to a close that chapter and can bring peace-of-mind to workers and retirees who only want to enjoy their golden years.
“President Biden’s signature on this legislation is the culmination of years of hard work by so many with ties to this union,” Hoffa said. “But no one fought harder than affected members and retirees who attended countless meetings, repeatedly lobbied lawmakers and rallied to the cause. The Teamsters are grateful for their dedication to get this done.”
The Teamsters also want to thank Rep. Richard Neal (D-Mass.) and Sen. Sherrod Brown (D-Ohio) for sponsoring legislation and recognize the resolve that Rep. Neal showed by filing pension legislation as his first act when he became chairman of the House Ways & Means Committee.
As part of the ARP, more than 50 Teamster pension plans – including its largest, the Central States Pension Fund – are eligible for assistance at the outset of the bill’s enactment, with more of the union’s plans becoming eligible in 2022. Under the measure, money to assist eligible plans will come directly from the U.S. Treasury Department in the form of grants which would not need to be repaid. Plan participants will receive 100 percent of their earned pension benefits.