Today U.S. Senator Kirsten Gillibrand, member of the Special Committee on Aging, announced $46.6 million in federal funding for the Local 186 Pension Plan in Massena, allocated through the American Rescue Plan’s Special Financial Assistance Program. The Local 186 Pension Plan, which covers 379 participants in the construction industry, became insolvent in July 2021. This funding will enable the pension plan to restore all benefit reductions caused by the plan’s insolvency and to make payments to retirees to cover prior benefit reductions.
“Insolvent pension plans should not deprive workers and their families of the benefits they have worked hard to earn,” said Senator Gillibrand. “I’m proud to have fought to pass the American Rescue Plan, which provided the funding to protect the retirement security of nearly 400 construction workers in Massena and I’ll continue working to ensure that our seniors are financially secure.”
The Special Financial Assistance Program was enacted as part of President Biden’s American Rescue Plan and will provide benefits to over 250 severely underfunded multiemployer pension plans.