FOLLOWING HISTORIC PENSION FIX LAW HE PASSED, SCHUMER ANNOUNCES NORTH COUNTRY LABORERS’ INTERNATIONAL LOCAL UNION NO. 1822 RECEIVES NEARLY $16 MILLION IN RETIREMENT FUNDS FOR 500+ MEMBERS AND THEIR FAMILIES FROM HIS LANDMARK AMERICAN RESCUE PLAN

Laborers’ Local 1822, Covering Workers in North Country, Along With Thousands Of Union Families Across America, Were Victims Of A Pension System Collapse; Without Action, After a Lifetime of Hard Work, Many Could Not Retire Or Would Have Little Benefits Remaining

In Schumer’s First Major Bill As Majority Leader, The American Rescue Plan, He Secured The Critical Fix To Multiemployer Pension Plans To Give Unions Workers The Benefits They Earned

Schumer: Restoring Pensions For Hundreds Of North Country 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, Laborers’ International Union Local Union No. 1822, which covers workers throughout the North Country, will receive a pension-fix funding from the American Rescue Plan — at nearly $16 million for more than 500 union beneficiaries and their families across the North Country in St. Lawrence County, Jefferson County, Lewis, and Franklin County.

“Today, I am saying a promise made to hard-working union families at risk from losing their pensions through no fault of their own is a promise kept at almost $16 million for over 500 Laborers across the North Country,” said Senator Schumer. “Hundreds of workers and families at risk for partially or totally losing pension benefits today can breathe easier because today they no longer have to live in fear of how they can provide for themselves and their families in the future. When I championed the American Rescue Plan – the most significant effort to protect the solvency of the multiemployer pension system in almost 50 years – I had Upstate workers like the Laborers in mind the whole time, and it is now delivering millions of federal dollars in benefits directly to hard working New Yorkers. New York is and will forever be a union town and I always, always will work with my union brothers and sisters to deliver the benefits and back pay they deserve.”

Schumer said the Laborers’ International Local 1822 Fund, which is in critical status, will receive approximately $16 million in special financial assistance, including interest to the expected date of payment to the plan. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.

“On behalf of North Country labor, I would like to thank Senator Schumer for securing this $16 million American Rescue Plan investment for the Laborer’s International Union of North America Local 1822. This Special Financial Assistance will protect the retirement security of our more than 500 retirees, beneficiaries, and members across St. Lawrence, Jefferson, Franklin, and Lewis counties,” said LIUNA Local 1822 Business Manager Scott Hilyard. “Thanks to this critical infusion of federal dollars, the hard-working men and women of Local 1822, as well as their families, will benefit for generations to come. We are grateful for grateful for Senator Schumer’s leadership in Washington, and his tireless efforts to protect union workers.”

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 500 union workers from the North Country will have almost $16 million in benefits restored.

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