In a significant move to safeguard the financial security of American workers, President Joe Biden's administration has announced the protection of over 600,000 Teamster workers and retirees' pensions from devastating cuts. These hardworking individuals have dedicated decades to their jobs, earning their pensions with unwavering commitment and dedication.

President Biden emphasized that this achievement did not happen by chance but rather as a result of his administration's steadfast commitment to America's workforce. Through concrete actions, the administration has taken decisive steps to honor the contributions of these workers.

The recent action has, specifically, safeguarded the pensions of 70,000 workers and retirees in New England, with 6,000 beneficiaries in New Hampshire alone. President Biden, accompanied by Senators Jeanne Shaheen and Maggie Hassan, made this announcement alongside the New England Teamsters Pension Fund—itself an embodiment of the administration's commitment to protecting workers' pensions.

The efforts of the Biden administration have already yielded positive outcomes in various regions across the country. In Ohio and Michigan, more than 40,000 Teamsters' pensions have been protected. Furthermore, the administration has safeguarded the retirement funds of over 30,000 individuals in Illinois and Missouri, while also providing support to over 20,000 workers in Wisconsin, Minnesota, and Pennsylvania.

These accomplishments have been made possible through the enactment of the American Rescue Plan, a legislation that received unanimous support from Congressional Democrats. This vital support has shielded more than 1 million union workers and retirees from encountering brutal cuts of up to 75% in their hard-earned pensions—a testament to the administration's commitment to workers' well-being and financial stability.

The Biden-Harris administration continues to make significant strides in protecting workers' rights and ensuring their retirement security. The recent action to safeguard Teamster pensions is yet another milestone in this mission, emphasizing the commitment to honor the sacrifices made by hardworking Americans.

As President Biden's administration continues its efforts to support workers, the announcement of new private sector investments in American maritime industries is eagerly awaited. Efforts to bolster these vital sectors will further strengthen the economy and create opportunities for American workers. Details regarding this important development will be disclosed in an upcoming White House fact sheet.