Biden to tout plan to protect millions of workers' pensions

On Wednesday, President Joe Biden will fly to Cleveland, Ohio, to present a strategy to stop pension cuts for millions of employees.

The American Rescue Plan-based program's introduction coincides with rising consumer fear over inflation that is at a 40-year high and a persistently low Biden approval rating.

According to the program's final rule, 2 to 3 million employees and retirees who had their pensions reduced due to investment losses would receive the retirement benefits they were expecting, according to a White House official.

More than 200 "multiemployer" programs, developed by unions and businesses.

The official stated that these initiatives are now anticipated to be financially sound through 2051, "and many of them for considerably longer."

In March 2021, Biden authorized the $1.9 trillion American Rescue Plan.

Approximately $97 billion will be given to more than 250 underfunded plans through the scheme, according to the Pension Benefit Guaranty Corp. of the federal government.