Education & Labor Committee Releases Multiemployer Pension Rescue Tracker
WASHINGTON – Today, the House Committee on Education and Labor unveiled a new Multiemployer Pension Rescue Tracker to highlight the hard-earned pensions saved and businesses protected under Congressional Democrats’ and President Biden’s American Rescue Plan Act. The multiemployer pension crisis – which was accelerated by the COVID-19 pandemic – threatened to strip more than a million retirees of the pensions they earned over a lifetime of work, jeopardized tens of thousands of businesses and endangered tens of thousands of jobs.
In response, the American Rescue Plan Act created a Special Financial Assistance (SFA) Program to avert the immediate crisis threatening the retirement security of American workers, retirees, and their families. This solution was supported by a diverse group of stakeholders, including the AFL-CIO, AARP, the United States Chamber of Commerce, UPS and scores of other employers who participate in multiemployer plans.
To date, the Pension Benefit Guaranty Corporation has approved five applications from plans based in New York, New Jersey, and Oregon that were either already insolvent or projected to run out of money this year. As of today, the SFA program has saved 8,088 pensions and protected an estimated 170 businesses – with many more applications to be approved in the coming months.
“For years, workers, retirees, businesses, and taxpayers have been waiting for Congress to enact a solution to the multiemployer pension crisis,” said Chairman Robert C. “Bobby” Scott. “Congressional Democrats and President Biden delivered a historic victory that keeps the promises made to retirees, saves businesses from going under, and shields taxpayers from the even greater cost of a multiemployer pension collapse. The Committee’s Multiemployer Pension Rescue Tracker will help illustrate the impact of this transformative solution.”
To view the pension tracker, click here.
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