WASHINGTON, D.C. — On Friday, U.S. Senator Bob Casey (D-PA) stood with White House American Rescue Plan Coordinator Gene Sperling, Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) President Anthony Shelton, and workers and retirees from BCTGM Locals 464 and 6 to deliver welcome news. The American Rescue Plan has secured the pensions of more than 6,700 workers and retirees across Pennsylvania.
Protecting Hard-Earned Benefits
Senator Casey highlighted the relief brought by the plan, which has already protected the pensions of over 52,000 Pennsylvanians. “Millions of workers rely on the pensions they’ve earned,” Casey said. Without this intervention, many would have faced drastic pension cuts of up to 45 percent, jeopardizing their financial security.
The American Rescue Plan provides substantial relief for workers in Philadelphia, Hershey, Lancaster, and Muncy. These workers include those in manufacturing, production, maintenance, and sanitation within the baking, confectionery, tobacco, and grain milling industries.
Financial Relief for Struggling Pension Funds
Before the passage of the American Rescue Plan, the Bakery and Confectionery Union and Industry International Pension Fund was one of the most financially troubled multiemployer pension plans in the country. The Pension Benefit Guaranty Corporation (PBGC) has announced a $3.2 billion relief package for BCTGM. This marks the seventh Pennsylvania-based pension plan to receive aid under the program, joining others like the Western Pennsylvania Teamsters and Employers Pension Fund and the Carpenters Industrial Council Eastern PA Pension Plan.
Funding Source and Legislative Support
The funding comes from the PBGC’s Special Financial Assistance program, established by the American Rescue Plan. The plan passed narrowly in both chambers of Congress, without a single Republican vote. The Senate approved it by a 50-49 margin, and the House followed with a 220-211 vote.
Safeguarding Retirement Benefits for American Workers
Pensions provide a critical safety net for workers after retirement. The potential loss of these funds would have had devastating consequences for thousands of families, affecting their ability to cover basic living expenses and medical costs. By securing these pensions, the American Rescue Plan ensures that workers receive the benefits they earned through years of hard work.
Protecting Workers’ Futures: The Impact of the American Rescue Plan
This relief not only stabilizes the financial futures of many Pennsylvanian families but also sets a precedent for how the government can intervene to protect workers’ rights and benefits. The success of the American Rescue Plan in this regard may influence future policies aimed at safeguarding worker pensions nationwide.
In conclusion, the announcement underscores the importance of legislative actions that protect workers’ financial security. The American Rescue Plan’s impact reflects a significant victory for workers and retirees facing uncertain futures, providing stability and peace of mind for thousands of families across Pennsylvania.
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