Rep. Sean Patrick Maloney (NY-18) released the following statement celebrating the recent announcement that the American Rescue Plan’s Special Finance Assistance Program is set to deliver $61.8 million to the Bricklayers Local 5 Plan, a local union based in Newburgh. Rep. Maloney voted for the American Rescue Plan and fought to include funds to protect pension plans in the final legislation.
“The American Rescue Plan continues to deliver for our economy and workers. The hardworking men and women of Local 5 deserve the pension benefits that they have earned from a lifetime of work and I am so happy to see that the Rescue Plan is fulfilling the promise of a secure retirement for American workers,” said Rep. Maloney. “Unions are the backbone of our economy, and I will never stop fighting to protect our working families.”
“Congressman Maloney has always been a true advocate for the labor community and we can’t thank him enough for his support for pension provisions in the American Rescue Plan. Union members work hard their entire careers with a promise of a well-earned pension when they retire,” said Todd Diorio, President, Hudson Valley Building and Construction Trades Council. “Thanks to the American Rescue Plan and Congressman Maloney, our local bricklayers and finishers as well as other trade unions across the country will be able to retire in dignity and receive the pension they deserve.”
“Our union fought hard to make sure our pension was whole, and this decision to fund our members gives security and support to our members who have spent their lives giving themselves to their trade. Thank you to Congressman Maloney for making this happen through the American Rescue Plan and for always sticking up for the men and women of labor,” said Mike Clifford, Union Trustee, Bricklayers Local 5 Pension Fund.
- The Pension Benefit Guaranty Corporation (PBGC) announced this week that it approved the plan application for the Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan (Bricklayers Local 5 Plan).
- The Bricklayers Local 5 Plan based in Newburgh, NY, which covers 821 participants in the construction industry, will receive approximately $61.8 million in special financial assistance, including interest to the expected date of payment to the plan.
- The plan was projected to run out of money in 2022. Without the Special Financial Assistance (SFA) Program – funded through the American Rescue Plan, which Rep. Maloney voted for and championed – the Bricklayers Local 5 Plan would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency. This is roughly 20 percent below the benefits payable under the terms of the plan. SFA will enable the plan to continue to pay retirees’ benefits without reduction for many years into the future.
- Link: PBGC Approves Special Financial Assistance Application