President Biden travels to Ohio to speak about the American Rescue Plan. (SAMUEL CORUM/AFP via Getty Images)WASHINGTON - Reassuring frustrated blue-collar voters, President Joe Biden on Wednesday is visiting Ohio to highlight federal action to shore up troubled pension funding for millions now on the job or retired.Biden’s speech at a Cleveland high school is showcasing a final rule tied to his $1.9 trillion coronavirus relief package from last year.
The rule allows troubled multi-company pensions to be made financially whole, ensuring full benefits for 2 million to 3 million workers and retirees.Hurt politically by inflation at a 40-year high and damage wrought by the pandemic, the president chose to deliver his message in a state that has been trending strongly Republican, with Donald Trump easily carrying it twice.
This is Biden's sixth visit as president as he labors to personally reverse that electoral tide.Details about Biden’s remarks were shared by two administration officials who insisted on anonymity to preview his speech.The roughly 200 pension plans receiving assistance faced possible insolvency without government aid.
And without the full benefits, workers and retirees could struggle to pay for housing, food and other essentials. The financial support should help keep the pension funds solvent for roughly 30 years until 2051.That's important, several retirees said.Bill DeVito, 73, was an iron worker for almost 50 years before retiring a decade ago.