MADISON, Wis. – Last week, President Biden announced a new American Rescue Plan rule that will protect millions of Americans’ pensions – including more than 20,000 Wisconsinites who rely on their pensions today.
Thanks to Wisconsin Democrats like Senator Tammy Baldwin, this new pension rule will protect more than 200 multiemployer plans that were on pace to become insolvent in the near future. Unsurprisingly, every single Republican in Wisconsin voted against the funding that made this possible.
Read more about how President Biden and Democrats are working to protect Wisconsin retirees and the benefits they spent years earning from UpNorthNews:
“If you are fortunate enough to have an employer sponsored pension plan, you understand how it works. Every pay period part of your paycheck gets invested to be paid out at a later date rather than sent directly to you. For generations, pensions have been an essential part of economic security for working Americans.
“Unfortunately, mismanagement of scores of multiemployer pension plans put millions of American workers’ pensions at risk over the last decade. That mismanagement nearly led to a crisis for older Americans who, through no fault of their own, having paid into a benefit system during their lifetime of work, suddenly faced the prospect of not even getting the money they paid into their pension back.
“Thankfully, Wisconsin Senator Tammy Baldwin (D) was able to get the Butch Lewis Emergency Pension Plan Relief Act included in the American Rescue Plan signed into law by President Joe Biden last year. As a result, more than 20,000 Wisconsin workers are still able to rely on their pensions today.
“This plan, that saved the pensions of millions of Americans and 22,500 Wisconsinites, was voted for by every Democratic Member of Congress from Wisconsin and signed into law by Democrat Joe Biden.
“U.S. Senator Ron Johnson, and every other Wisconsin Republican in Congress, voted against the bill.”