CHERRY HILL, N.J. –  Today, Rep. Donald Norcross (D-NJ) joined the White House to announce more than $550 million in assistance through the American Rescue Plan’s Special Financial Assistance Program (SFA) for two pension plans headquartered in New Jersey. The announcement will impact nearly 2,000 residents throughout New Jersey, including 500 people in South Jersey.

The Pension Benefit Guaranty Corporation will award $545 million to the CWA/ITU Negotiated Pension Plan headquartered in Mount Laurel, New Jersey and nearly $12 million to the Teamster Local 102 Pension Plan in Cherry Hill, New Jersey. The plans were estimated to go insolvent by 2030, which would have reduced retirement benefits for beneficiaries.

“Today’s announcement of more than $550 million in Special Financial Assistance for the CWA/ITU Negotiated Pension Plan and Teamster Local 102 Pension Plan is further proof President Biden and Congressional Democrats are continuing to deliver for New Jersey and working people. These funds will ensure that those who worked their entire lives can retire with dignity and with the retirement security they were promised,” Rep. Norcross said. “I was proud to lead the fight in Congress to address our nation's multiemployer pension solvency crisis, and as a former union electrician and labor leader, I will continue to fight to ensure that working people have security and dignity in their retirement.

In 2019, Rep. Norcross introduced the bipartisan Rehabilitation for Multiemployer Pensions Act. The Act – commonly called “The Butch Lewis Act” – to address the worsening multiemployer pension crisis. The Butch Lewis Act was signed into law by President Joe Biden and provided $86 billion to fund multi-employer pension plans for 30 years.

The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. The program provides funding to severely underfunded multiemployer pension plans and will ensure that millions of America’s workers, retirees, and their families receive the pension benefits they earned.

As of June 11, 2024, PBGC has approved about $54.6 billion in SFA to plans that cover about 818,000 workers, retirees, and beneficiaries. The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023.

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