CLEVELAND — President Joe Biden visited Cleveland on Wednesday to announce what he said was a promise kept to union workers.
What You Need To Know
- President Joe Biden announced funding for struggling pension funds through the American Rescue Plan
- Hundreds of potentially insolvent pension funds will get assistance
- Biden said this can retroactively fund pensions for millions of Americans who saw their pensions reduced
Richard Jordan is the business manager of the Iron Workers Local 17 union. He said he’s had to cut his pension fund by anywhere from 28% to 50% since 2017.
“We had to, to keep the fund afloat for younger generations coming through,” Jordan said.
In front of Jordan and other union leaders and retirees, President Biden announced funding for multi-employer pensions to keep them from going under. Biden said it fulfills a promise he made to unions and their members.
“When the Fair Labor Standards Act was passed back in the 30s and Roosevelt was around, it didn’t say unions are okay. It says we should encourage unions because when unions do well, everyone does well,” Biden said.
The president said many multi-employer pension plans have had to cut back over the last few years.
Jordan said the funding retroactively restores lost funding in pensions, affecting hundreds of members of his union.
“It means everything. We rely on it. We rely on that money coming in every month,” Jordan said.
Biden said the funding will help save hundreds of plans for millions of Americans and should remain solvent until 2051.