Flanked by Union Allies, Biden Touts $36 Billion Pension Bailout
Story by Akayla Gardner, Jenny Leonard
(Bloomberg) -- President Joe Biden announced a $36 billion bailout for the Central States Pension Fund, one of the nation’s biggest multi-employer plans, touting the help for union workers and retirees as he looks to mend ties with organized labor after a contentious rail deal.
The money would “prevent drastic cuts to workers’ hard-earned pension benefits, cuts that have been scheduled to occur within the next few years,” Biden said at the White House on Thursday. “It’s not going to happen — the cuts are not going to occur.”
The event — where Biden was joined by International Brotherhood of Teamsters President Sean O’Brien and AFL-CIO President Liz Shuler, as well as Labor Secretary Marty Walsh — gave the president an opportunity to try to ease frictions with labor groups after he forced a contentious contract on freight-rail workers last week.
Biden said the aid would help 350,000 union workers and retirees, who would have faced benefit cuts estimated at 60% over the next few years.
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