On 12/8/2022, President Joe Biden announced he will pump $36 billion into a union pension plan to prevent drastic benefit cuts for pensioners, just a week after he signed a railroad labor deal opposed by several union organizations. Biden has declared himself the most pro-union president in history. He filled several positions at the National Labor Relations Board, the nation’s top labor arbiter, with influential union leaders such as Jennifer Abruzzo, a former attorney for the Communications Workers of America. He has pushed Congress to pass the PRO Act, which would end right-to-work laws in more than a dozen states that ban union membership as a term of employment.
The announcement marks the largest federal award for retiree pensions in history and is funded by Biden’s $1.9 trillion American Rescue Plan, according to the White House. The $36 billion will go to the Central States Pension Fund, which is for mostly Teamster union members. The $36 billion amounts to about half of the available federal funds for pension relief under the American Rescue Plan. The pension fund, which covers 350K members, was at risk of cuts as high as 60%, but the White House said the fund will now be stable until at least 2051.
Biden said, “Biden has declared himself the most pro-union president in history. He filled several positions at the National Labor Relations Board, the nation’s top labor arbiter, with influential union leaders such as Jennifer Abruzzo, a former attorney for the Communications Workers of America. He has pushed Congress to pass the PRO Act, which would end right-to-work laws in more than a dozen states that ban union membership as a term of employment.
The announcement marks the largest federal award for retiree pensions in history and is funded by Biden’s $1.9 trillion American Rescue Plan, according to the White House. The $36 billion will go to the Central States Pension Fund, which is for mostly Teamster union members. The $36 billion amounts to about half of the available federal funds for pension relief under the American Rescue Plan. The pension fund, which covers 350K members, was at risk of cuts as high as 60%, but the White House said the fund will now be stable until at least 2051.
“imagine if you’re not a union worker, you have a good job, you’re retiring — about to retire and you find out your pension plan is going to be cut 60 percent. Imagine what that does. Imagine what that does to you.
“Imagine what it does financially to your peace of mind, what it does to your dignity. Your dignity. Because you counted on not having to rely on anybody to retire. It’s about dignity. You heard me say it before, my dad used to say it: A job is about a lot more than a paycheck; it’s about your dignity.
“Americans are working. The economy is growing. And incomes are rising faster than inflation … We’ve had an economy — an economy that didn’t feel like it worked enough — worked enough for working people … But over the years, due to changing economic trends, persistent attacks on unions, over 200 — over 200 of these multi-employer plans were facing potential insolvency. That meant that 2 to 3 million workers … I want to thank everyone at the Pension Benefit Guaranty Corporation who work so hard to make this program work, including the director who’s here today. Thanks, Gordon, for being here. I really do appreciate your work and being here. This matters — (applause) — this matters
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Biden pump largest taxpayer $36B into union pension; My Dad used to Say: Paychecks & Your Dignity