American Rescue Plan Secures Retiree Benefits
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26 Apr American Rescue Plan Secures Retiree Benefits

Posted at 12:05h in President Anthony Shelton, President's Report, Retirees Corner by

The following is a special column by BCTGM International President Anthony Shelton published in the March/April issue of the BCTGM NEWS.

It has been an historic three months in America. The election of Joe Biden and Democratic control of Congress have created a tremendous boost for working families and organized labor.

The most significant development of 2021 is the enactment of the American Rescue Plan Act, signed into law by President Biden on March 11. Included in this extraordinary emergency economic legislation is a provision that guarantees retirees that they will receive the pension benefits they earned over a lifetime of hard work.

The BCTGM has been leading laborโ€™s fight for federal legislation to fix the nationโ€™s pension funding crisis for the past three and a half years. Each time the Democratic-led House passed good, solid pension funding legislation, the Republican-controlled Senate turned it down.

Januaryโ€™s two Democratic Senate victories in Georgia gave Democrats control of the Senate. This opened the door for the vital pension legislation weโ€™ve been after for so long.

In a few short months, congressional Democrats delivered the best possible plan โ€“ direct funding from the federal government to pension funds to guarantee no pension benefit cuts for current or future retirees along with long-term financial security for pension funds, including the B&C Fund.

With his signature on the American Rescue Plan Act, President Biden wiped away the very real threat that pension benefits would be cut. Now, current and future retirees can rest assured they will receive all of their hard-earned benefits.

Not one Republican in the House or the Senate voted for the American Rescue Plan. Throughout the legislative process, Republicans tried to strip out the pension protection provisions. They wanted benefit cuts for retirees. Why would the Republicans be opposed to protecting retiree benefits? Why would they want to have retirees struggle to make ends meet?

The BCTGM will continue to place the highest priority on retirement security for our members by preserving our pensions and strengthening Social Security and Medicare.

I am thankful to all of our local union officers, members and retirees who put their heart and soul into the long, hard fight for pension legislation. You attended the rallies, wrote the letters, sent the emails and made the calls to Congress. Without your work, this great victory for workers and retirees would not have been possible. Many Washington insiders thought this pension legislation would never happen. They underestimated laborโ€™s fierce determination to protect the benefits we have earned over decades of struggle.

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