American Rescue Plan Act

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021. This law creates a special financial assistance program for financially troubled multiemployer plans like the Pension Fund.

The pension relief contained in the American Rescue Plan Act will provide a badly needed and long-sought solution to the nationwide multiemployer pension crisis. Thanks to the passage of this legislation, Central States can avoid its current projected insolvency in 2025 and prevent a near-total loss of benefits for our 360,000 participants.

That same devastating outcome will now be avoided for the million participants across the country enrolled in similarly troubled multiemployer pension funds, and the Pension Benefit Guaranty Corporation will be able to continue its vital function of insuring participants’ benefits. By safeguarding the multiemployer pension system, the American Rescue Plan Act will also protect local communities and thousands of businesses from the dire economic impact that would have resulted from a cascade of pension fund failures in the coming years.

This is a great outcome for our nation’s retirement security and economic resiliency. We thank the Members of Congress and their staffs who have worked so hard for years to focus attention on this crisis and advocate for a solution.
This achievement also would not have been possible without the tireless grassroots efforts of so many local unions, participants and retirees in making their voices heard. Thank you for your calls, emails and all the many other ways that you have urged your elected officials in Washington to protect your pension benefits. You have made this legislation possible!

The federal Pension Benefit Guaranty Corporation (PBGC) has until July 9, 2021, to issue rules and regulations for implementing this new law, including the process necessary for Central States and other funds to receive the authorized financial relief. The process for obtaining assistance may take a year or more to complete and the Pension Fund will notify participants and beneficiaries of any important updates in the future.

We will keep you up to date on significant developments on our website at VoicesForPensionSecurity.com and through our American Rescue Plan recorded message hotline at 1-800-323-7640.