American Rescue Plan Preserves Multiemployer Pension Plans
Representing manufacturing, production, maintenance and sanitation workers in the baking, confectionery, tobacco and grain milling industries.
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27 Apr American Rescue Plan Preserves Multiemployer Pension Plans

Posted at 12:00h in Legislative News, Pension, Retirees Corner by

Simply stated, the American Rescue Plan helps keep the promise of a secure retirement for millions of working Americans who have earned, and deserve, nothing less. Here are some important points on the American Rescue Plan which protects the B&C Plan and more than 10 million hardworking Americans who participate in multiemployer plans:

โ— Elections have consequences. In the American Rescue Plan (ARP), President Biden and our pro-worker allies in Congress delivered $86 billion in federal financial assistance to protect the retirement benefits of workers and retirees in financially-troubled multiemployer pension plans.

โ— The $86 billion is intended to cover all benefits due for at least 30 years, and comes without any of the onerous strings that were previously on the table. No union or employer fees. No benefit cuts. No requirement to pay back the money.

โ— After a lifetime of hard work, working people deserve to retire with dignity.

โ— The BCTGM is proud of our negotiated multiemployer pension plans, which have provided retirement income security for union members for decades.

โ— The COVID-19 pandemic has only exacerbated this dire situation and reinforced the need for immediate action because layoffs have resulted in an unprecedented loss of plansโ€™ contribution income.

โ— The federal assistance program included in the ARP will provide over 1.3 million retirees and active workers with peace of mind that their hard-earned pension benefits are secure.

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