Pension Benefit Guaranty Corp. approves $963.4 million in restored benefits
Congressman Brian Higgins hailed action by the U.S. Pension Benefit Guaranty Corp. (PBGC) to approve $963.4 million in special financial assistance to the New York State Teamsters Conference Plan. The move will cover 33,643 New York Teamster workers, including approximately 5,000 in Western New York, who saw their pension benefits cut by up to 29% going back to 2017.
“These people worked hard throughout their careers, saved for retirement, only to have it taken from them,” Higgins said. “This decision will be life-changing for thousands of hardworking New York families who deserve a stable retirement.”
A press release said, “Higgins, who serves on the House Ways and Means Committee, has been an advocate in committee (video) and on the House floor (video), for workers who spent years paying into pension programs only to lose their savings through underfunded or insolvent multiemployer pension plans.
“The American Rescue Plan included the Butch Lewis Emergency Pension Relief Act, allowing struggling multiemployer plans to apply to the PBGC for assistance. The provision allows for the stabilization of troubled plans and the protection of retirement savings of over 1 million workers and retirees, many of whom were serving on the frontlines in the trucking, food and grocery industries. Prior to the American Rescue Plan, over 200 multiemployer plans were on a track to insolvency.”