WASHINGTON – Chairman Robert C. “Bobby” Scott (VA-03) released the following statement after the Biden-Harris Administration finalized a rule on the Special Financial Assistance (SFA) Program created through the American Rescue Plan Act. The SFA Program averted the immediate crisis threatening the retirement security of America’s workers, retirees, and their families. To date, the Program has operated on an interim rule and has saved 127,493 pensions and protected an estimated 562 businesses, according to the Committee’s tracker.
“Today’s action by the Biden-Harris Administration establishes the final rules for the multiemployer pension rescue program that will protect millions of Americans’ retirement security and save tens of thousands of businesses. For years, workers, retirees, businesses, and taxpayers sought a solution to the multiemployer pension crisis. In response, Congressional Democrats delivered a historic victory through the American Rescue Plan that keeps the promises made to retirees, saves businesses from going under, and shields taxpayers from the even greater cost of a multiemployer pension collapse.
“I applaud the Biden-Harris Administration for taking this action and delivering relief to America’s workers, retirees, and businesses.”
To learn more about the how the American Rescue Plan Act is saving retirees’ hard-earned pensions and protecting businesses, click here.
To learn how eligible pensions can apply for relief, click here.
To learn what businesses and organizations are saying about this relief, click here.
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