The United Steelworkers (USW) today praised President Joe Biden for saving multiemployer pension plans covering more than a million Americans, including tens of thousands of USW members and retirees who dedicated their lives to the paper industry and other manufacturers.

The latest round of pension support delivered by President Biden’s American Rescue Plan will provide $1.3 billion to the PACE Industry Union-Management Pension Fund (PIUMPF) and $887 million to the National Integrated Group Pension Plan (NIGPP), averting the insolvency of both funds.

“USW members and retirees are deeply grateful to President Biden for stepping forward to save their hard-earned retirements,” USW International President Tom Conway said.

“His American Rescue Plan, enacted without the support of a single Republican in Congress, stabilizes dozens of pension funds that are hurtling toward insolvency because of Wall Street recklessness, corporate bankruptcies, industry consolidation and other factors over which workers and retirees have no control.

“Without President Biden’s support, many of these workers and retirees would have lost the bulk of their retirement income and spent their golden years scraping by.”

USW activists spent many years advocating for legislation to save troubled multiemployer funds.

“But only President Biden stepped forward to get the job done,” USW International Secretary-Treasurer John Shinn said. “He continues to show that he is the most pro-worker president in American history.”

PIUMPF covers more than 64,500 participants from the pulp and paper sector, while NIGPP has more than 48,000 participants from numerous industries. Both funds faced bankruptcy in 2034.

“After decades on the job, workers deserve secure retirements,” said USW International Vice President Luis Mendoza, who oversees the union’s paper sector. “President Biden understands this. He saw the threat that these workers and retirees faced and gave them back their futures.”