President Joe Biden is heading to Ohio to showcase a rule aimed at shoring up pensions for millions of workers.
to shore up troubled pension funding for millions now on the job or retired.
Details about Biden’s remarks were shared by two administration officials who insisted on anonymity to preview his speech.The roughly 200 pension plans receiving assistance faced possible insolvency without government aid. And without the full benefits, workers and retirees could struggle to pay for housing, food and other essentials. The financial support should help keep the pension funds solvent for roughly 30 years until 2051.
Jeffrey Carlson, 67, of the Cleveland suburb of North Ridgeville, said that a year before he retired in 2017, he learned his pension would be cut, too.Multiemployer plans are created through agreements between companies and a union, and are insured by the federal Pension Benefit Guaranty Corporation .
The effort to highlight a program to help union workers comes as Democrats hope to pick up a U.S. Senate seat in Ohio, where a strong showing with working class voters could play a pivotal role.
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