U.S. Senator Chuck Schumer on August 21st announced that Laborers’ Local No. 91 Pension Plan in Niagara County will receive approximately $67 million pension fix from the American Rescue Plan.
This federal relief program fix will restore full pension benefits for approximately 575 union workers and their families throughout Western NY.
“Western NY’s union construction workers are the best of the best. Working hard every day, building and repairing our roads, bridges, and more. They worked hard, played by the rules, and paid into pension plans that were at risk of being drastically cut or even completely disappearing through no fault of their own. I promised to fight to make sure that wouldn’t happen, and today I am proud to say a promise made is a promise kept,” said Senator Schumer. “Over $67 million is now secured for the Niagara Falls-based Laborers’ Local No. 91 Pension Plan, which will ensure 575 union workers and their families across Western NY can retire in dignity. I made sure, as my first act as Majority Leader, to pass the American Rescue Plan with a key provision to deliver the pension relief to our union brothers and sisters and their families they have desperately needed and earned. New York was built by union workers, and I always will work with my union brothers and sisters to deliver the benefits they deserve.”
“This is a huge relief for all of us,” said Local 91 Member Bruce Stenzel. “We’ve put in decades of tough work on numerous job sites and in all kinds of weather, in the hopes of building a better future for ourselves and our families. When we heard our pensions were in trouble, it felt like the rug was being pulled out from under us. Thanks to Senator Schumer, that future is back on track.”
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, 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.
“As current Business Manager and long time member of Laborers Local No. 91 since 1959, I am thrilled and relieved to receive SFA funding to continue pension benefits for all of our Retirees and also to sustain and continue to grow our funding for all future participants of our Pension Plan,” said Local 91 President Richard Palladino. “ We give our gratitude to Senator Schumer for securing the funds necessary which allowed our Plan to be a candidate for this special funding application.”
