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American Rescue Plan saves pensions of PA steelworkers and auto workers
Ed Gruver//June 30, 2023//
Listen to this articleThe pensions of an estimated 6,700 Pennsylvania workers and retirees are being protected by the American Rescue Plan, according to a release Thursday from the office of U.S. Senator Bob Casey, D-PA.
According to the release, the American Rescue Plan thus far has saved the pensions of at least 31,700 workers and retirees in Pennsylvania-based plans. The workers and retirees impacted United Steelworkers (USW) and United Auto Workers (UAW).
Casey applauded the announcement.
“The promise of a pension is a promise we’re supposed to keep,” Casey said in a statement. “With today’s announcement, thousands of Pennsylvania steelworkers and auto workers can rest east knowing the benefits they’re owed will be waiting for them when they retire.”
The Pension Benefit Guaranty Corporation (PBGC) announced $860 million in relief to the National Integrated Group Pension Plan (NIGPP). This is expected to benefit approximately 48,000 workers nationally, including 6,700 workers and retirees in Pennsylvania.
The funding comes from the PBGC’s Special Financial Assistance program, which was created by the American Rescue Plan. The Senate passed the plan by a vote of 50-49 and it was passed by the House of Representatives by a vote of 220-211.
