AS SCHUMER’S FIRST MAJOR ACT AS MAJORITY LEADER, HE SECURED FIX SO UNION MEMBERS, WHO WORKED THEIR WHOLE LIVES BUT RISKED LOSING PAYMENTS THROUGH NO FAULT OF THEIR OWN, GOT PENSIONS - NOW NY TEAMSTERS RECEIVE FIRST PAYOUT FROM AMERICAN RESCUE PLAN, HELPING UNION FAMILIES BREATHE MASSIVE SIGH OF RELIEF WITH $960M+ IN PENSIONS RESTORED AND BACKPAY FOR BENEFITS
Over 33,000+ NY Teamsters Families Were Victims Of A Pension System That Collapsed On Itself After 2008 Crash; Without Action, Many Could Not Retire Or Would Have Little Benefits Remaining- But Schumer Promised To Restore Their Hard-Earned Pensions And Give Union Families The Relief They Needed
After Years Of Fighting, In Schumer’s First Major Bill As Majority Leader, The American Rescue Plan, The Senator Secured The Critical Fix To Multiemployer Pension Plans To Give Teamsters The Benefits They Earned
Now Local Unions From Long Island, Buffalo, Rochester, Albany, Syracuse , Utica, Binghamton And Beyond Will Get Payout To Restore Lost Funds So Members Can Lead Quality Lives In Retirement AND Get Back Pay For Those Who Had Benefits Cut
Schumer: Restoring FULL Pensions For Tens of Thousands of Union Workers Will Give These Families The Desperately-Needed Economic Security They Rightfully Earned
U.S. Senate Majority Leader Charles E. Schumer today announced that, after years of advocacy to secure relief for ailing multiemployer pension plans for union workers, New York Teamsters will receive a pension-fix payout from the American Rescue Plan — at over $960 million for more than 33,000 union beneficiaries and their families across Upstate New York, Long Island, and New York City.
“Teamsters and their families who rely on these plans could have lost the benefits they earned over a lifetime of work, through no fault of their own — putting their financial security, retirements, and families futures at risk. I stood shoulder to shoulder with our union workers and promised them if I became majority leader, I would not stop fighting till they got the relief they needed and to keep their hard-earned pensions and benefits, and today I can finally say a promise made is a promise kept to the tune of over $960 million for over 33,000 Teamsters across New York State,” said Senator Schumer. “One of the pillars of the middle-class is being able to retire with dignity, and being able to support you and your family, and thousands of New York Teamsters who for too long lived in fear, can now breathe a sigh of relief. The American Rescue Plan provided the most significant effort to protect the solvency of the multiemployer pension system in almost 50 years – and it is now delivering almost a billion dollars in benefits directly to hard working New Yorkers. New York has been, and always will be a union town – from Buffalo, Rochester, Syracuse, Albany to Long Island – and that is why I will always stand with our Teamsters brothers and sisters and I am proud to deliver the benefits and back pay they deserve and earned. ”
President of Teamsters Joint Council 18 and President of Teamsters Local 294 John Bulgaro said, “Chuck Schumer got it done for Teamsters, and now our members will finally have the hard earned pensions and benefits they deserve. This is life changing for Teamster brothers and sisters across New York. After 2008, there were gut wrenching stories of workers who put money in every week to their pension only to see it disappear overnight. They said nothing could be done, but Senator Schumer said he’d fight for us, he stood by us every step of the way, and he delivered and got a better deal for Teamsters. Now active Teamsters working towards a pension will be made whole and our retirees can lead a good life with the pensions and benefits they earned and deserved.“
Schumer explained that after the 2008 financial crash, many union workers’ in multiemployer pension plans were in danger of collapse due to out-of-control speculation on Wall Street. Multiemployer plans are created through agreements between employers and a union, with plans typically involving multiple employers in a single industry or related industries. Countless families and workers faced the prospect of losing out on retirement savings – through no fault of their own. Senator Schumer fought to include the Butch Lewis Act in the American Rescue Plan – securing pension solvency in his very first major bill as majority leader. Before the American Rescue Plan over 200 multiemployer plans were on pace to become insolvent in the near term, risking benefits for millions of workers and their families.
The law created the Special Financial Assistance program administered by the Pension Benefit Guaranty Corporation (PBGC) to protect benefits for millions of workers, reverse harsh pension cuts, and put existing plans on a path to solvency through 2051. Today, thanks to Schumer’s dogged advocacy, over 33,000 NY Teamsters from every corner of New York will have over $960 million dollars in benefits restored. The bailout includes benefit restoration for beneficiaries whose payments have already been cut, meaning some members will be eligible for back pay from the Pension Benefit Guaranty Corporation.
Of the over 33,000 beneficiaries, Teamsters can be found in local branches that represent nearly every corner of the Empire State, including:
- Local Union 118 - Rochester
- Local Union 264 - Cheektowaga
- Local Union 294 – Albany-Utica
- Local Union 317 – Syracuse-Binghamton
- Local Union 449 – Buffalo
- Local Union 687 – Potsdam
- Local Union 812 – Great Neck
- Local Union 560 -- Union City, NJ