NEW: Biden Announces an Additional 29,000 Pensions Saved in Pennsylvania

NEW: Biden Announces an Additional 29,000 Pensions Saved in Pennsylvania

Thanks to Congressional Democrats and the Biden-Harris Administration, more than 1.2 million pensions have been saved to date

WASHINGTON - Today, the United Food and Commercial Workers (UFCW) Tri-State Pension Plan, based in Plymouth Meeting, Pennsylvania, will have its participants' retirement benefits fully protected because of the solution to the multiemployer pension crisis that Congressional Democrats delivered in the American Rescue Plan Act.

The UFCW Tri-State Pension Plan covers more than 29,000 participants in the service industry. The Plan had been projected to run out of money in 2028. Had that happened, participants' pensions would have been cut by 15 percent, on average. The multiemployer pensions relief that Congress enacted through the American Rescue Plan will allow UFCW Tri-State Pension Plan to pay retirement benefits - without cuts - for many years into the future.

"For years, workers, retirees, businesses, and taxpayers had been waiting for Congress to enact a solution to the multiemployer pension crisis," said House Education and Labor Committee Chairman Robert C. "Bobby" Scott (VA-03). "Through the American Rescue Plan, Congressional Democrats and President Biden delivered a historic victory that keeps the promises made to retirees, saves businesses from going under, and shields taxpayers from the even greater cost of a multiemployer pension collapse."

The American Rescue Plan created a Special Financial Assistance (SFA) Program to avert the immediate multiemployer pensions crisis threatening the retirement security of workers, retirees, and their families. The program protects failing pension plans that were either already insolvent or projected to run out of money in the near future So far, the SFA program has saved over 1.2 million pensions and protected over 8,000 participating businesses.

For a national tracker of the pension plans protected under the American Rescue Plan, click here.

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