Press Releases

Today, Congressman Richard E. Neal joined union leaders and members at the Joint Apprentice and Training Committee Electrical Training Center to celebrate protecting the New England Teamsters Pension Plan from insolvency and a reduction of benefits.

On Monday, July 29, 2024, the Pension Benefit Guaranty Corporation (PBGC) announced the approval of the application submitted by the New England Teamsters Pension Plan to the Special Financial Assistance (SFA) Program. Authorized by the Butch Lewis Act within the American Rescue Plan, the SFA Program addresses the financial crisis threatening the retirement security of more than three million workers and retirees by allowing certain financially troubled multiemployer pension plans to apply for financial assistance.

“Just three years ago, 1.3 million Americans who participate in a multiemployer pension plan were faced with economic uncertainty. These are workers who played by the rules, planned for their retirement, and after working for 30-plus years, deserve financial security. Thanks to the American Rescue Plan, which included the Butch Lewis Act, that’s precisely what we delivered,” said Congressman Neal. “Recognizing the urgency of this issue, the Butch Lewis Act was the first piece of legislation I introduced as Chairman of the Ways and Means Committee. The Biden-Harris Administration and Democrats secured the financial futures of so many hardworking Americans without a single Republican vote. Tonight, thousands of pensioners across New England will sleep better knowing cuts were avoided.”

The New England Teamsters Plan, the third largest Teamster pension fund in the nation, covers Teamsters in all six New England states, 50 percent of which reside in Massachusetts. Initially projected to run out of funding by 2028, the plan will now receive approximately $5.7 billion in special financial assistance, sustaining the more than 72,000 pensions covered under the plan, including 28,400 in Massachusetts.

“The leadership of Representative Richie Neal, shepherding the pension bill known as the Butch Lewis Act from its inception to its final signing by President Biden on March 11, 2021, is the reason why thousands of workers and retirees can count on their pension being there for them,” said John Murphy, Principal Officer of Teamsters Local 122. “Richie Neal is responsible for the passage of the Butch Lewis Act and is the reason we are all here today.”

As of Monday, July 29, 2024, PBGC has announced the approval of more than $67 billion in SFA, saving the pensions of more than 1.1 million workers, retirees, and beneficiaries.

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