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Currently showing results related to How the American Rescue Plan Act is Saving Retirees’ Hard-Earned Pensions and Protecting Businesses
Ranking Member Scott Statement on May Jobs Report
06.06.25 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after the Bureau of Labor Statistics announced that the economy added 139,000 jobs in May, and the unemployment rate remained the same at 4.2 percent. "Since returning to office, the Trump Administration has jeopardized jobs, endangered the rights and protections of workers, and undermined the financial security of retirees. “Instead of focusing on kitchen table issues— like the cost of housing, the… Continue Reading
NEW: Biden Announces an Additional 29,000 Pensions Saved in Pennsylvania
11.01.24 WASHINGTON - Today, the United Food and Commercial Workers (UFCW) Tri-State Pension Plan, based in Plymouth Meeting, Pennsylvania, will have its participants’ retirement benefits fully protected because of the solution to the multiemployer pension crisis that Congressional Democrats delivered in the American Rescue Plan Act. The UFCW Tri-State Pension Plan covers more than 29,000 participants in the service industry. The Plan had been projected to run out of money in 2028. Had that happened, … Continue Reading
Ranking Member Scott Applauds Biden Administration for Continued Responsible Stewardship of the Historic Special Financial Assistance Program
03.15.24 WASHINGTON - Robert C. “Bobby” Scott (VA-03), Ranking Member of the House Committee on Education and the Workforce, issued the following statement after the Department of Labor (DOL) announced a policy to ensure that excess Special Financial Assistance (SFA) program payments can be refunded to the U.S. government. Last month, the Central States, Southeast, Southwest Areas Pension Fund (Central States) wrote to the Biden Administration and requested guidance on whether the excess payment in the … Continue Reading
On American Rescue Plan Act 3rd Anniversary, Committee Democrats Release New Interactive Map of Multiemployer Pension Rescue
03.11.24 WASHINGTON - Today, on the third anniversary of the American Rescue Plan Act, the House Committee on Education and the Workforce Democrats unveiled a new Multiemployer Pension Rescue interactive map. It highlights the hard-earned pensions saved and businesses protected thanks to Congressional Democrats’ and President Biden’s American Rescue Plan Act. The multiemployer pension crisis threatened to strip more than a million retirees of the pensions they earned over a lifetime of work, jeop… Continue Reading
Ranking Member Scott Statement on President Biden's State of the Union Address
03.07.24 WASHINGTON - Congressman Bobby Scott (VA-03), the Ranking Member of the Committee on Education and the Workforce, issued the following statement in response to President Biden's State of the Union address to Congress. “President Biden spoke directly to the American people about the historic economic progress we have made under his leadership and laid out a vision for the future which stands in stark contrast to the extreme MAGA Republicans’ agenda. Instead of passing tax cuts for corporations a… Continue Reading
Chairman Scott Commends Biden-Harris Administration for Finalizing Multiemployer Pension Rescue Program
07.06.22 WASHINGTON - Chairman Robert C. “Bobby” Scott (VA-03) released the following statement after the Biden-Harris Administration finalized a rule on the Special Financial Assistance (SFA) Program created through the American Rescue Plan Act. The SFA Program averted the immediate crisis threatening the retirement security of America’s workers, retirees, and their families. To date, the Program has operated on an interim rule and has saved 127,493 pensions and protected an estimated 562 businesses, a… Continue Reading
ICYMI: Rescuing Retirees - Local Congressman Says Multiemployer Pension Crisis Thwarted By American Rescue Plan Funds
03.29.22 Rescuing Retirees: Local Congressman Says Multiemployer Pension Crisis Thwarted By American Rescue Plan Funds PORTSMOUTH, VA – When you pay into your retirement plan with part of your paycheck each week, you might never think that money may one day just disappear. But for millions of grocery store employees, factory workers and truck drivers across the country that became a strong – and scary – possibility. “I don’t know what I would have done, … Continue Reading
New York-Based Multiemployer Pension Plan Celebrates Benefit Restoration Through American Rescue Plan Act
02.10.22 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 wait… Continue Reading
Education & Labor Committee Releases Multiemployer Pension Rescue Tracker
02.02.22 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, jeopardize… Continue Reading