In the News

A plan to protect the New England Teamsters Pension Plan, the third largest Teamster pension fund in the nation, has been approved.

The Pension Benefit Guaranty Corporation (PBGC) announced the union’s acceptance by the Special Financial Assistance (SFA) Program, protecting the pensions of workers, retirees, and beneficiaries.

Congressman Richard E. Neal met with union leaders and members in Dorchester Tuesday to celebrate and discuss the union’s acceptance. The program will safeguard against insolvency and a reduction of benefits for members. The plan was at risk of running out of funding by 2028, but now will receive $5.7 billion in special financial assistance for the more than 72,000 pensions covered under the plan, including 28,400 in Massachusetts.

“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.”

According to a news release from Neal’s office, the New England Teamsters Plan covers Teamsters in all six New England states.