MSN - AP World MSN - AP World Copyright © 2010-2018 The Canadian Press. All rights reserved. Wed, 29 Nov 2023 22:37:58 +0000 Biden announces $36B to aid union workers' pensions a1215ef5998c49b98f062eb4e83dccb6 Thu, 08 Dec 2022 21:50:02 +0000 SHOTLIST:RESTRICTION SUMMARY:US NETWORK POOLWashington - 8 December 2022++SHOTS SWITCHED AT SOURCE++1. President Joe Biden steps up to podiumHEADLINE TEXT: Biden announces $36B to aid union workers' pensions.++WHITE FLASH++2. SOUNDBITE (English) Joe Biden, U.S. President:"Today, my administration is announcing the single largest approval of funds from the Butch Lewis Act, $36 billion to cover (applause) to cover over 1,000 employers, 350,000 union workers and retirees. These union workers and retirees are facing cuts up to 60% of the benefits starting in the next few years if we hadn't acted. That means some folks would stand to lose $10,000, each and every year of their retirement. That's how much they'd lose each and every year of heir retirement, the money they earned. Instead, thanks to today's announcement, tens of thousands of union retirees and workers in states like Ohio, Michigan, Texas, Minnesota, Wisconsin Missouri, can go to bed knowing their pension they worked so damn hard for is going to be there when they need it."3. SOUNDBITE (English) Joe Biden, U.S. President:"So, thanks to today, thanks to today's announcement, hundreds of thousands of Americans can feel that sense of dignity again, knowing that they're providing for their families and their future and that it's secure. So God bless you all and may God protect our troops, thank you, thank you, thank you."++EDIT END ON A SOUNDBITE++STORYLINE:President Joe Biden announced the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of about 350,000 Teamster workers and retirees across the United States."It's not going to happen. The cuts are not going to occur," Biden said at a White House event Thursday.The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan. It comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021.Many union retirement plans have experienced financial pressure because of underfunding and other issues. Without the federal assistance, Teamster members could have seen their benefits reduced by an average of 60% starting within a couple of years."Imagine losing half of that pension or more, through no fault of your own, you did your part. You paid in. Imagine what it does financially to your peace of mind, what it does to your dignity," the president said.Multiemployer pension funds are created by agreements between unions and companies and are partially insured by the federal government's Pension Benefit Guaranty Corporation. The insurance program was on track to become insolvent in 2026, but the pandemic relief money is expected to keep it on firm footing through 2051. Biden traveled to Ohio in July to highlight the final rules for the pension relief program. Before Thursday, the program had awarded aid to 36 troubled pension plans, but none of those had received more than about $1.2 billion.===========================================================Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. Biden announces $36B to aid union workers' pensions