108 pensions in Plasterers and Cement Masons Local No. 94 Pension Fund, based in Camp Hill, will be protected
Pension plan benefits were cut in 2019, funding restores original benefits for PA workers and retirees
American Rescue Plan has saved the pensions of at least 33,138 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 workers and retirees in the Plasterers and Cement Masons Local No. 94 Pension Fund will be protected, thanks to the American Rescue Plan. The pension plan is based in Camp Hill, Pennsylvania and covers 108 participants in the construction industry. Because of financial instability, the Plasterers and Cement Masons Local 94 Fund implemented a benefit suspension in 2019, cutting benefits earned after May 2019 by an average of 40 percent for 70 participants. This funding restores the benefits to pre-2019 levels, ensuring these construction workers and retirees earn the full benefits of retirement that they were promised and deserve.
“The promise of a pension is a promise we’re supposed to keep,” said Senator Casey. “For four years, these construction workers and retirees have had to get by on less pension benefits than they deserved. With this announcement, 108 Pennsylvania 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 $3.6 million in relief to the Plasterers and Cement Masons Local No. 94 Pension Fund. This is the sixth 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, IUE-CWA 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.