Biden touts 1M pensions saved under American Rescue Plan

President Biden highlighted Friday that 1 million pensions have been saved under the American Rescue Plan.

“Today, we mark a major milestone: Thanks to my American Rescue Plan, we have protected one million pensions from devastating cuts,” Biden said in a statement. “Whether it is Social Security, Medicare, or pensions, workers who earn a dignified retirement through decades of hard work and sacrifice should never see their benefits cut due to broken promises or policies that favor the wealthy over working families.”

The American Rescue Plan, which was signed into law in 2021, included the Butch Lewis Act that prevents cuts to millions of retirees and workers in the U.S.

Biden also announced plans to protect over 103,000 workers in the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union in Pennsylvania from cuts to their pensions of up to 45 percent.

He noted the number of people whose pensions have been protected so far, including 71,000 people in Illinois. In addition, 71,000 New Yorkers, 62,000 Ohioans, 61,000 Michiganders, 39,000 Missourians, and 33,000 Wisconsinites have had pensions protected.

The president also said that more than half a million Teamsters, more than 100,000 United Food and Commercial Workers, and more than 100,000 United Steelworkers and United Auto Workers’ pensions have been protected.