The Alliance for Retired Americans Executive Director Richard Fiesta joined the America’s Work Force Union Podcast and explained how the America Rescue Plan prevented a 60 percent cut to Teamster pensions.
While private pensions are federally insured up to a point, many multi-employer funds, including the Teamsters Central States Pension Fund, did not have enough money to meet their obligations, Fiesta said. This was due to fewer employers participating in the funds and lower interest rates that hampered fund investments, he noted. Fiesta then explained the role the Alliance played in conjunction with the AFL-CIO to get the legislation passed.
Fiesta also talked about potential threats to Social Security under a Republican-controlled U.S. House.
Listen to the entire episode to learn more about these topics: