North country union workers get lift of $16 million for pensions

WATERTOWN, N.Y. (WWTI) – A number of north country union workers will get nearly $16 million in pension benefits recovered according to U.S. Senate Majority Leader Charles Schumer.

Laborers’ International Union Local 1822, which represents more than 500 construction workers in Jefferson, Lewis, St. Lawrence and Franklin counties, will be the beneficiary of the special financial assistance.

This announcement was made on Friday, January 26.

Schumer said that the pension system was in danger of collapsing and many workers may not have had the ability to retire.

The funds will come from the American Rescue Plan and enable payments to be made into the pension system.

When I championed the American Rescue Plan – the most significant effort to protect the solvency of the multiemployer pension system in almost 50 years – I had Upstate workers like the Laborers in mind the whole time, and it is now delivering millions of federal dollars in benefits directly to hard working New Yorkers. New York is and will forever be a union town and I always, always will work with my union brothers and sisters to deliver the benefits and back pay they deserve

New York Sen. Charles Schumer, Senate Majority Leader

According to a press release, Schumer explained that after the 2008 financial crash, many union workers’ in multiemployer pension plans were in danger of collapse due to out-of-control speculation on Wall Street. Multiemployer plans are created through agreements between employers and a union, with plans typically involving multiple employers in a single industry or related industries. Countless families and workers faced the prospect of losing out on retirement savings – through no fault of their own.

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