New York-Based Multiemployer Pension Plan Celebrates Benefit Restoration Through American Rescue Plan Act

WASHINGTON – Today, the House Committee on Education and Labor released a new video detailing how the American Rescue Plan Act created a Special Financial Assistance (SFA) Program to avert the immediate crisis threatening the retirement security of America’s workers, retirees, and their families. The SFA program protects failing pension plans and restores prior benefit cuts so that retirees are made whole.

“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.”