The New England Teamsters pension fund is set to receive a significant financial boost of $5.7 billion from the American Rescue Plan Act, ensuring the retirement security of over 72,000 union members. This infusion of funds will alleviate the threat of pension cuts of 50-75% that these workers were facing, allowing them to age comfortably and support their families. The recipients of this financial assistance include freight drivers, warehouse workers, package delivery personnel, as well as brewery and bakery employees, with a significant portion based in New Hampshire.
The White House ARPA coordinator highlighted the importance of restoring these pensions to provide stability and peace of mind to hardworking individuals who made investments for their future. This funding comes at a critical time when multi-employer pension funds are grappling with challenges due to business consolidations and closures. The New England Teamsters’ pension fund is among the recipients of the largest awards under this program, signifying the government’s commitment to honoring the contributions of workers by safeguarding their retirement benefits. U.S. Senator Maggie Hassan emphasized the bipartisan effort needed to address economic concerns like inflation but commended the appropriation of billions to uphold the values of the American Rescue Plan in supporting individuals through uncertain times triggered by the pandemic.
