Potsdam Teamsters union gets pension bailout from US bailout | St. Lawrence County

Senator Schumer supported the inclusion of the Butch Lewis Act in the US bailout, ensuring pension solvency. Before the U.S. bailout, more than 200 multiemployer plans were on the verge of becoming insolvent in the short term, risking benefits for millions of workers and their families, Senator Schumer’s office said.

The act created the Special Financial Assistance Program administered by the Pension Benefit Guaranty Corp. (PBGC) to protect the benefits of millions of workers, reverse deep pension cuts and put existing plans on a path to solvency through 2051. More than 33,000 New York Teamsters, including those in Potsdam, will have over $960 million in combined benefits restored. The bailout includes restoring benefits for recipients whose payments have already been reduced, meaning some members will be eligible for back pay from the Pension Benefit Guaranty Corp., the senator’s office said.

“Teamsters and their families who rely on these plans may have lost the benefits they have earned over a lifetime of work, through no fault of their own, putting their financial security, retirement and future at risk. future of their family. I stood shoulder to shoulder with our union workers and promised them that if I became majority leader I would not stop fighting until they got the relief they needed and they keep their hard-earned pensions and benefits, and today I can finally say a promise made is a promise kept to the tune of more than $960 million for more than 33,000 Teamsters across New York State,” said Senator Schumer in a prepared statement. “One of the pillars of the middle class is being able to retire with dignity and being able to support you and your family, and thousands of New York Teamsters who have lived in fear too long can now breathe a sigh. of relief.”

In a statement from the senator’s office, John Bulgaro, president of Teamsters Joint Council 18 and president of Teamsters Local 294, said, “This is life changing for Teamster brothers and sisters in New York. After 2008, there were heartbreaking stories of workers pouring money into their pensions every week only to see it disappear overnight. They said nothing could be done, but Senator Schumer said he would fight for us, he supported us every step of the way, and he delivered and got a better deal for the Teamsters. Now active Teamsters working toward a pension will be healed and our retirees will be able to live a good life with the pensions and benefits they have earned and deserved.