Pension provision aids over 22,000 Minnesotans
A provision in the $1.9 trillion COVID-19 relief bill will provide aid for many retirees.
MINNESOTA — On Friday March 19, Sen. Tina Smith hosted a press conference to highlight a provision in the $1.9 trillion stimulus bill signed by President Biden that will help over a million retired Americans.
The $86 million aid package will help participants of hundreds of employer-union pension plans avoid large cuts. This includes over 22,000 Minnesotans.
Smith helped champion the addition of this to the stimulus bill after speaking with many of her constituents facing the negative side effects of the looming pension cuts.
"These are not folks that are living 'high on the hog,' as my grandmother would say," Smith stressed. "They are folks that have saved and are doing fine as long as they have that pension that they counted on. And without it, there's not a plan B."
These pension plans are typically found in small businesses, construction, food stores and entertainment industries.