Yahoo Finance
Biden travels to Ohio to highlight $86 billion for troubled retirement plans
The American Rescue Plan is best known for its $1,400 stimulus checks, expanding the Child Tax Credit, aid to local governments, and more recently, possibly contributing to inflation.
But a lesser known portion of the massive bill sent $86 billion to help many financially troubled retirement plans.
President Biden is attempting to highlight that controversial provision Wednesday, appearing at a Cleveland high school to tout the American Rescue Plan’s Special Financial Assistance program, which is meant to shore up troubled multi-employer pension plans across the country, including Ohio, where many unionized workers entered into the plans only to see them quickly veer towards insolvency.
