Biden in OH, Addresses Pension Tensions

Pensions are a figment of the imagination for most people in today's workforce. 🦄 Show Gen Z a picture of a pay phone and a pension and they won't be able to tell the difference. 🙃However, millions of Americans still rely on these investments to carry them through their retirement days. 

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President Biden is currently touring the nation, chatting with voters in anticipation of midterm elections, and stopped in Ohio to talk about pensions. We also heard he left his bike at home this time. #safetyfirst ⛑️

Here’s Five Fast Facts about the current state of pensions:

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1. 💰 Rescue Mission - The American Rescue Plan shelled out a ton of money over the pandemic. A portion of the massive bill sent $86 billion to help many financially troubled retirement plans.
2. 📉 It's Goin' Down - A report from 2017 found that there were 1,400 multi-employer pension plans across the nation, covering 10 million people. Today, roughly 100 of the plans are in a "critical and declining" status.
3. 😖 Pension Tension - The Central States Pension Fund, a Midwest-based fund that covers around 400,000 Americans, is one of the most distressed plans. Many Ohio workers would be affected if it got wiped out.
4. 💸 Good News - So far, the American Rescue Plan has provided funds to help over 127,000 U.S. pensions.
5. 😅 Spare Me - The White House reported that 2 million to 3 million workers and retirees will be spared “dramatic cuts” as a result of these relief efforts.

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🔥Bottom line: Biden also said the program will be in place until 2051, which is great news for those worried about the future of their pensions, at least for the next few decades. However, it's too early to tell if it's a solid long-term solution. 

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Do you have a pension plan you're concerned about? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

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