Washington, D.C. – July 6, 2022 – Today, North America’s Building Trades Unions (NABTU) President Sean McGarvey issued the following statement applauding President Biden’s announcement regarding multiemployer pension plan relief:
“Today’s announcement of the American Rescue Plan’s Special Financial Assistance Program final rule is yet another example showing the Biden-Harris Administration’s commitment to strengthening the economic security of middle class families across the country.
“This pivotal piece of the American Rescue Plan will directly aid millions of American workers, retirees, and families who faced significant pension benefit cuts, as they will now receive the full benefits they worked years to accumulate. Prior to this critical relief, over 200 plans were on pace to become insolvent. The Special Financial Assistance Program will right the ship and provide the funding needed for plan members to retire with the security and dignity they earned, while also saving American taxpayers tens of billions of dollars in lost federal tax revenue and future social safety net costs had this legislation not passed.
“The historic Special Financial Assistance Program is the most significant effort to protect the solvency of the multiemployer system in nearly 50 years. Over the last handful of decades, many political leaders have promised to pass meaningful pension relief, but President Biden and his Administration got the job done.”