More Than One Million Pensions Protected by Butch Lewis Act

More Than One Million Pensions Protected by Butch Lewis Act

By David Brandolph

The Butch Lewis Emergency Pension Plan Relief Act (BLA) – a law enacted in 2021 to save workers’ and retirees’ pensions in severely financially challenged multiemployer plans – has surpassed a high-water mark of success.  Due to a recent flurry of special financial assistance (SFA) approvals, BLA has now facilitated the protection of pensions for more than one million workers, retirees and beneficiaries for decades to come. 

The threshold of one million pensions protected was crossed after the Pension Benefit Guaranty Corporation’s (PBGC) recent approval of SFA to three large funds—the 103,056-member Bakery and Confectionary Union and Industry Pension Fund, the 72,141-member New England Teamsters Pension Fund, and the 49,180-member American Federation of Musicians and Employers Pension Plan. 

PRC, in fact, worked with the musicians throughout the application process – when the plan submitted its original application to PBGC; when it withdrew the application; and when the application was resubmitted. In gratitude, Steve Nathan, a long-time pianist and plan member, wrote on his Facebook page, “We are ever grateful to Congress, to our allies and especially to the Pension Rights Center for all their help in securing this law and securing our pensions. This ensures that we receive the benefits we earned through long years and hard work.”  

President Biden, who signed the BLA into law, heralded in a written statement the fact that the law has protected pensions for more than a million plan members. “Whether its Social Security, Medicare or pensions, workers who earn a dignified retirement through decades of hard work and sacrifice should never see their benefits cut due to broken promises or policies that favor the wealthy over working families.” 

As of August 1, the PBGC had approved about $67.7 billion in SFA to 89 plans that cover over 1,149,000 workers, retirees, and beneficiaries. The agency’s latest projection report estimated that 198 plans would ultimately be approved for SFA totaling about $79.6 billion. 

PRC fought hard alongside allies and activists for the passage of the BLA and is gratified by the law’s success.  

The status of all SFA applications can be found here.