Congressional Democrats Saved More Than 1,837,500 Pensions, Protected Nearly 11,000 Businesses

Congressional Democrats Saved More Than 1,837,500 Pensions, Protected Nearly 11,000 Businesses

WASHINGTON - To date, Congressional Democrats' historic pension relief in the American Rescue Plan Act has saved 1,837,518 workers' and retirees' pensions and protected an estimated 10,933 businesses from being at risk of closing their doors.

To view the Committee's pension tracker, click here.

The multiemployer pension crisis threatened to strip millions of workers and retirees of the pensions they earned, and jeopardized tens of thousands of businesses and jobs.

In response, the American Rescue Plan Act created a Special Financial Assistance (SFA) Program to avert the immediate crisis threatening the retirement security of American workers, retirees, and their families. This solution was supported by a diverse group of stakeholders, including the AFL-CIO, AARP, the United States Chamber of Commerce, UPS, and scores of other employers who participate in multiemployer plans.

Since the program's creation, the Pension Benefit Guaranty Corporation (PBGC) has approved financial assistance for 173 pension plans across the country.

"For years, workers, retirees, businesses, and taxpayers had been waiting for Congress to enact a solution to the multiemployer pension crisis," said House Committee on Education and Workforce Ranking Member Robert C. "Bobby" Scott (VA-03). "Congressional Democrats and President Biden delivered a historic victory that is keeping the promises made to retirees, saving businesses from going under, and shielding taxpayers from the even greater cost of a multiemployer pension collapse."

To learn more about how the American Rescue Plan Act is saving retirees' hard-earned pensions and protecting businesses, click here.

To learn more about how the cost of rescuing the multi-employer pension system was less than the cost to the American taxpayer of doing nothing to fix the problem, click here.

To learn what businesses and organizations are saying about this relief, click here.

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