Speaking in front of a supportive crowd of union members in Cleveland, President Joe Biden touted the finalization of the rule that will save or protect the pension plans for millions of Americans, including members of SMART.
On July 7, Biden made an appearance at Max S. Hayes High School – the Cleveland vocational school built under a Project Labor Agreement by affiliated members of the Cleveland Building and Construction Trades Council – and discussed provisions to the American Rescue Plan, which will keep at-risk multi-employer pension funds solvent until at least 2051. The finalization of the rule will provide nearly $90 billion for the Pension Benefit Guarantee Corporation to ensure more than a generation of retired union members receive their full pensions.
It will keep multi-employer pension plans solvent and well-funded for 30 more years — with no cuts to earned benefits of participants and beneficiaries; restore full benefits for retirees in plans that previously had to take cuts; increase the maximum Pension Benefit Guarantee Corporation (PBGC) insurance amount; and require each plan that receives assistance to file regular status reports with the PBGC and Congressional Committees to prevent recurrence and protect retirees’ benefits. Continue reading →