Promises Made – Promises Kept!
Congress Passes Historic Pension Relief Bill
The Teamsters 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. 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.
Listen to a special edition of the Teamsters Podcast and hear how President Biden and Congress delivered pension relief to more than 1 million Americans after years of lobbying on the issue by the Teamsters.
Read the Teamsters Blogwatch: More than two decades of work by the Teamsters to save the retirement nest eggs of a million-plus hardworking Americans came to fruition when President Biden signed the $1.9 trillion American Rescue Plan (ARP) into law, bringing relief to more than 200 multiemployer pension plans teetering on the edge of financial disaster.