PA Members of Congress applaud announcement to protect pensions of 2,566 workers and retirees of the Newspaper Guild of Greater Philadelphia
Newspaper Guild of Greater Philadelphia Pension Plan will receive $296 million in Special Financial Assistance from the American Rescue Plan
American Rescue Plan has saved the pensions of at least 25,500 worker and retirees in PA-based plans so far
Washington, D.C. - Today, U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA), and U.S. Representatives Brendan Boyle (D-PA-2), Dwight Evans (D-PA-3), Madeleine Dean (D-PA-4), Mary Gay Scanlon (D-PA-5), and Chrissy Houlahan (D-PA-6) applauded the announcement that the pensions of 2,566 workers and retirees of the Newspaper Guild of Greater Philadelphia will be protected, thanks to the American Rescue Plan.
The Pension Benefit Guaranty Corporation (PBGC) announced $296 million in relief to the Newspaper Guild of Greater Philadelphia Pension Plan through the 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.
“Today, thousands of Pennsylvanians can rest easy knowing their hard-earned pensions are secure,” Senator Casey said. “Before the American Rescue Plan, hundreds of thousands of Americans were at risk of having their retirements and lives upended through no fault of their own. I fought to include a pension fix in the Rescue Plan to ensure workers can retire with the benefits they’re owed.”
“The union way of life is sacred, it built this nation and it built Pennsylvania,” said Sen. John Fetterman. “Protecting the pensions that workers are owed is a top priority, and the American Rescue Plan made sure that thousands of hardworking Americans across Pennsylvania and the country receive the retirement benefits that they were promised and deserve.”
“No retiree should ever have to worry about the solvency of the pension plans into which they invested their hard earned dollars,” said Congressman Boyle. “With this action today by the PBGC, the pensions of more than 2,500 members of the Newspaper Guild of Greater Philadelphia sit on much sounder fiscal ground. We must always do right by America's workers and today the American Rescue Plan did just that.”
Congressman Evans said, “I was proud to support the Butch Lewis Act, both as a stand-alone bill and as part of the Biden American Rescue Plan that became law. I am glad to see this law helping to save the pensions of more than 2,500 people from the Philadelphia area, whose benefits were at risk through no fault of their own. Workers built America!”
“Today’s announcement ensures more than 2,500 members of the Newspaper Guild of Great Philadelphia the benefits they deserve—I’m grateful that PBGC has secured thousands of Pennsylvanians their hard-earned pensions,” Rep. Dean said. “No one should have to worry about the security of their pension which is why last Congress, I fought alongside my Pennsylvania Democratic colleagues to include pension protection in the American Rescue Plan. I’m glad to see this important measure help so many workers and retirees in our commonwealth.”
“Pennsylvanians who pay into a pension plan deserve to trust that their hard-earned benefits are secure,” said Rep. Scanlon. “I proudly fought to include protection for pensions in the American Rescue Plan last Congress, and I'm glad to see those protections pay off for thousands of workers and retirees of the Newspaper Guild of Greater Philadelphia.”
“This funding will have a long-lasting impact on the lives of over the 2,500 people who have worked to keep the greater Philadelphia area informed on important issues,” said Rep. Houlahan. “Newspapers like Exton’s Pottstown Mercury, which is a member of the guild, keep residents up to date on news in our community. Their staff deserve retirement security. I’m very thankful that funding from the American Rescue Plan has made this pension plan a reality for these Pennsylvanians.”
