U.S. Senator Tammy Baldwin Successfully Secures Provisions in American Rescue Plan to Solve Pension Crisis for Wisconsin Workers and Retirees
The American Rescue Plan includes the Butch Lewis Emergency Pension Plan Relief Act that will save the retirement benefits of 22,500 pension plan participants in Wisconsin
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin worked to successfully secure provisions in the American Rescue Plan that will ensure workers and retirees – including 22,500 in Wisconsin – can keep the retirement they have earned so their families and livelihoods are not put at risk. Baldwin voted for the American Rescue Plan that President Joe Biden signed into law in early March.
Multiemployer pensions provide retirement income to over 10 million hard-working Americans for approximately 200,000 employers across America. Over one million of these workers and retirees – including 22,500 in Wisconsin – were in danger of losing their hard-earned benefits. Even before the COVID-19 crisis, the Pension Benefit Guaranty Corporation’s (PBGC) multiemployer program was facing insolvency by 2026. The economic impact of the COVID-19 pandemic has exacerbated what was already a crisis for our pension system.
The American Rescue Plan addresses this crisis with provisions from the Butch Lewis Emergency Pension Plan Relief Act, which will:
- Secure the retirement benefits of those workers and retirees in imperiled multiemployer pension plans for 30 years—with no cuts to the earned benefits of participants and beneficiaries;
- Stabilize the PBGC’s multiemployer pension program for at least 20 years; and
- Provide necessary relief for single employer pension plans, which are under strain from the market turmoil caused by the pandemic emergency.
An online version of this release is available here.
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