John,
Today, President Joe Biden signed the American Rescue Act, finalizing $1.9 trillion in relief funding. (Check out our blog for my official statement and news about the package.)
Included in the package is $86 billion for multiemployer pension funds, like the B&C Pension Fund. The legislation provides the funding necessary for long-term solvency without forcing reductions in participants’ hard-earned pension benefits.
I commend President Biden and the Democrats in Congress for making the American Rescue Plan Act the law of the land. The American Rescue Plan Act is a bold policy that takes strong action to tackle the enormous ongoing economic problems challenging working families because of the COVID-19 pandemic.
No Republican in the House or Senate supported this vital legislation.
This legislation ensures that BCTGM retirees will continue to receive all of their hard-earned pension benefits and active members will receive their benefits when they retire as well. The BCTGM has been a leader in the long fight for pension funding legislation.
We thank the Democrats in the House and Senate for standing up for retirees by making sure that the pension funding provisions were part of the American Rescue Plan. They defeated multiple attempts by Republicans to scrap these provisions which would have left retirees facing drastic cuts in their pension benefits.
Thank you for all of the calls, emails, and letters to Congress over the last several years! Your efforts were powerful and provided the foundation for this tremendous victory!
In solidarity,
Anthony
Anthony Shelton, BCTGM International President
