U.S. Congressman Donald Norcross (NJ-01) released the following statement regarding President Biden’s announcement of the final rule implementing the Special Financial Assistance program, created to protect millions of workers in multiemployer pension plans who faced significant cuts to their benefits. Congress Norcross championed funding the Special Financial Assistance program through the American Rescue Plan Act of 2021.

“Today’s rule will guarantee retirement security for millions of Americans who earned a dignified retirement fair and square,” said Congressman Norcross. “Now, millions of American workers and retirees who faced dramatic cuts to their pensions will receive the benefits they paid into and depend on for retirement security. This is about basic fairness. If you work hard, you should be able to rely on the fruits of your labor in your golden years. Securing this funding for American workers, including the over 3,600 workers in New Jersey who have already had their retirements saved by the Special Financial Assistance program, represents one of the most meaningful improvements for retirement security for hardworking Americans in years.”

Over 200 multiemployer plans were on pace to become insolvent in the near term because their investments struggled during economic crises. That would result in two to three million workers who paid into these pension funds seeing their benefits cut in retirement through no fault of their own.

Because of the American Rescue Plan, every multiemployer pension plan that faced near-term insolvency and benefit cuts and that receives Special Financial Assistance is projected to remain solvent through 2051, and many of them for much longer. Additionally, retirees who saw their pensions cut over the past decade will see their earned benefits restored.

Congressman Norcross was among the four House Democrats to be selected by Speaker Nancy Pelosi to serve on the special multiemployer pension committee that was created in 2018. In this process, he championed the Butch Lewis Act that passed the Education and Labor Committee and the House in 2019. The American Rescue Plan provided billions to shore up multiemployer pensions. He was instrumental in this process.