As President Biden announces a new American Rescue Plan rule in Ohio today that will protect North Carolinians 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 North Carolina Republican in Congress, including U.S. Senate candidate and Congressman Ted Budd, voted against the fix.

“While Republicans have advocated for a plan that could end the Social Security and Medicare guarantee, putting North Carolinians’ retirement in jeopardy, Democrats believe you deserve the retirement benefits you’ve earned. It’s simple: President Biden and Democrats are saving North Carolinians’ pensions, Republicans could put your retirement at risk,” said NCDP Spokesperson Ellie Dougherty. 

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 North Carolinians’ retirement benefits at risk. The only plan put forward by Senate Republicans could put North Carolinians’ Social Security and Medicare benefits on the chopping block, impacting the over two million North Carolinians who rely on Medicare for their health coverage and over two million North Carolinians who receive Social Security benefits each month to help cover everything from rent to putting food on the table. 

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