President Biden Signs the American Rescue Act, Delivering Pension Relief
Representing manufacturing, production, maintenance and sanitation workers in the baking, confectionery, tobacco and grain milling industries.
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11 Mar President Biden Signs the American Rescue Act, Delivering Pension Relief

Posted at 15:08h in Legislative News, Pension, Retirees Corner by

Today, President Joe Biden signed the American Rescue Act, finalizing $1.9 trillion in relief funding.

Included in the package is $86 billion for multiemployer pension funds, like the B&C Pension Fund. The legislation provides the funding necessary for long-term solvency without forcing reductions in participantsโ€™ hard-earned pension benefits.

The pandemic exacerbated the multiemployer pension crisis. This bill will save the pensions of more than 1.3 million hard-working Americans. The package also provides long-term stability for single-employer plans.

Yesterday, House Democrats passed the legislation on party-line vote of 220-211. No Republicans voted in favor of the historic measure. The Presidentโ€™s signature cements one of the largest injections of federal aid since the Great Depression. BCTGM International President Anthony Shelton praised Democrats for their tenacity in getting the package passed stating,

โ€œEnactment of the American Rescue Plan strengthens the American economy, creates a brighter future for working families and allows our proud BCTGM retirees to rest assured that their pension benefits are secure so that they can continue living their retirement years in dignity.โ€

-BCTGM International President Anthony Shelton, March 11, 2021 statement

The legislation will provide another round of direct payments for Americans, an extension of unemployment benefits and billions of dollars to distribute coronavirus vaccines and provide relief for schools, states, local governments and small businesses struggling during the pandemic.

Following the bill’s passage by the House on Wednesday, President Biden said, “For weeks now, an overwhelming percentage of Americans โ€“ Democrats, Independents, and Republicans โ€“ have made it clear they support the American Rescue Plan. Today, with final passage in the House of Representatives, their voice has been heard. “This legislation is about giving the backbone of this nation โ€“ the essential workers, the working people who built this country, the people who keep this country going โ€“ a fighting chance,” Biden said.

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