New Delhi: Approximately 103,000 union workers and retirees are protected from experiencing a 45% cut in their benefits as a result of the American Rescue Plan, a White House press release stated.
The Bakery and Confectionery Union and Industry International Pension Fund qualified for assistance under the American Rescue Plan, which provides relief for 200 distressed multiemployer pension plans. The plan provides funds to ensure that approximately 2 million workers’ pension plans remain solvent and can continue to pay full benefits.
Prior to the passage of the American Rescue Plan, workers in the covered plan faced an estimated 45% reduction in benefits by the end of the decade. The American Rescue Plan restores protections for workers and retirees, including restoring several thousands of dollars of lost benefits for those who have already received cuts. The Biden administration has delivered assistance to 83 pension plans covering more than one million workers and retirees, with no cuts to earned benefits.
The Butch Lewis Act, which is part of the American Rescue Plan, will help ensure the long-term solvency of multiemployer pension plans.
The plan will help protect 2 million workers and retirees and ensure their pension benefits can be paid in full.