As President Biden announces a new American Rescue Plan provision today that will protect Georgians and millions of Americans pensions – particularly those in multiemployer pension plans who would otherwise have seen substantial cuts to their benefits – voters deserve to know that every Georgia Republican in Congress voted against the fix.
“While Republicans have advocated for a plan that could jeopardize Georgians’ retirements entirely by ending the Social Security and Medicare guarantee, Democrats believe you deserve the retirement benefits you’ve earned. The contrast is stark and simple: President Biden and Democrats are saving Georgians’ pensions. Republicans could put your retirement at risk,” said Democratic Party of Georgia spokesperson Rebecca Galanti.
This new pension rule will protect more than 200 multiemployer plans that were on pace to become insolvent in the near future, which could have led to pension cuts for 2-3 million workers and retirees across the country. Thanks to President Biden and Democrats’ American Rescue Plan, pension funds that receive Special Financial Assistance are projected to remain solvent at least through 2051.
Voting against this fix is not the only way Republicans have threatened to put Georgians’ retirement benefits at risk. The only plan put forward by Senate Republicans could put Georgians’ Social Security and Medicare benefits on the chopping block, impacting the 1.7 million Georgians who rely on Medicare for their health coverage and the 1.9 million who receive Social Security benefits each month to help cover everything from rent to putting food on the table.
January 27, 2023
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