More than 2,400 PA workers and retirees’ pensions estimated to be protected
Pittsburgh-based pension plan serves the industrial division of the Communication Workers of America
American Rescue Plan has saved the pensions of at least 33,030 workers and retirees in PA-based plans so far
Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) applauded the announcement that the pensions of approximately 2,400 Pennsylvania workers and retirees will be protected, thanks to the American Rescue Plan. The workers and retirees affected are AFL-CIO members affiliated with IUE-CWA, the industrial division of the Communication Workers of America representing machine workers and tech workers. Without this assistance, the plan was projected to become insolvent in 2029, resulting in earned retirement benefit cuts of 15 percent on average.
“The promise of a pension is a promise we’re supposed to keep,” said Senator Casey. “With today’s announcement, thousands of Pennsylvania machinists and tech workers can rest easy knowing that the benefits they’re owed will be waiting for them when they retire.”
The Pension Benefit Guaranty Corporation (PBGC) announced $260 million in relief to the IUE-CWA Pension Plan. The plan is headquartered in Pittsburgh and has 13,700 participants nationwide, including approximately 2,400 in Pennsylvania. This is the fifth Pennsylvania-based pension plan that has received relief; others include the Western Pennsylvania Teamsters and Employers Pension Fund, the Carpenters Industrial Council Eastern PA Pension Plan, the Newspaper Guild of Greater Philadelphia Pension Plan, and the National Integrated Group Pension Plan, which includes United Steelworkers and United Auto Workers.
The funding comes from the PBGC’s Special Financial Assistance program, which was created by the American Rescue Plan. The American Rescue Plan passed the Senate by a vote of 50-49, and the House of Representatives by a vote of 220-211. No Republican Member of Congress voted in support of the law.
