Good news on the retirement-income front. Some 1.5 million workers and retirees faced the real risk that their pension incomes would be slashed over the next 20 years or significantly sooner. But the American Rescue Plan Act just signed by President Joe Biden will prevent that from happening.
That’s because the massive legislative package includes the Butch Lewis Emergency Pension Plan Relief Act of 2021. It restores to financial health more than 100 failing pension plans known as multiemployer plans (they covered more than one company’s employees) for union workers. Most notably, the Teamster’s storied Central States, Southeast & Southwest CSWC +0.3% pension, covering some 400,000 workers and their families.
Author(s): Next Avenue
Publication Date: 12 March 2021
Publication Site: Forbes