WASHINGTON (WWLP) – The Butch Lewis Emergency Pension Plan Relief Act was signed into law as part of the American Rescue Plan Act saving retirement security for millions of retired and active workers.
On Tuesday, the Teamsters Union thanked U.S. Representative Richard Neal for his continued support for legislation that will address the worsening multiemployer pension crisis threatening the savings of more than a million American workers and retirees.
According to a letter sent to Senate leaders Chuck Schumer and Mitch McConnell and signed by dozens of national businesses, more than 200,000 businesses and 10.9 million workers and retirees across the country contribute to, and rely on, the multiemployer pension system.
Some 1.3 million people are in plans that are quickly running out of money. The economic downturn created by the COVID-19 pandemic increased the multiemployer pension crisis and put the pensions of even more workers and retirees at risk. The American Rescue Plan included a provision to shore up the financial security of American workers and retirees by providing vital assistance through the Pension Benefit Guaranty Corporation to stabilize these pension plans.