Biden’s big pandemic stimulus bill is still helping prop up pension funds nearly 2 years after it was passed
December 8, 2022
By Juliana Kaplan
Your grandparents’ retirement fund might have just been saved, thanks to President Joe Biden’s sweeping stimulus package two years ago.
The American Rescue Plan Act, which cost a whopping $1.9 trillion, had a slew of provisions tucked into it to help battle the fallout from the pandemic and plug holes in the social safety net. One of them is the Butch Lewis Act. That legislation was meant to shore up the finances of multiemployer pension plans, which are responsible for providing benefits to retirees who were part of unionized workplaces, where different employers across the same industry join the same plan to administer benefits.