IRON WORKERS UNION CELEBRATES $75 MILLION PENSION RELIEF FOR LOCAL 16

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Sep 12, 2023, 14:43 ET

BALTIMORE, Sept. 12, 2023 /PRNewswire/ -- The International Association of Bridge, Structural, Ornamental, and Reinforcing Iron Workers celebrate the announcement that President Biden's American Rescue Plan will provide special financial assistance to save the pension plan for Iron Workers Local 16 retirees in Baltimore. The rescue package, amounting to approximately $75 million, will ensure financial security for hundreds of dedicated members and their families.

"This financial assistance ensures that our members who put in a lifetime of work at Local 16 in Baltimore regain the retirement security they deserve," said Iron Workers Union General President Eric Dean. "In concert with the Biden administration, we have been given rescue assistance for thousands of our members whose pension funds fell on hard times. Time and again, proving that this administration has the working class at the forefront of their agenda."

The rescue plan comes at a crucial time and will provide much-needed relief to the participants of Local 16's pension plan, many of whom have devoted their entire lives to shaping the infrastructure of Baltimore and the surrounding regions.

"This is a dream come true for the retirees who were affected by these drastic cuts that Local 16 had to make to their pension plan, all who were affected endured significant hardship. A lot of people probably didn't expect this to happen, didn't expect for their money to be reinstated" Buddy Cefalu Former Iron Workers Mid-Atlantic States District Council President and Local 16 Retiree said. "Without the American Rescue Plan and our trustee's hard work we'd still be facing a reduction in our pensions."

Without the American Rescue Plan Act (ARPA), this announcement would be impossible. The "Butch Lewis" provisions of ARPA provide special financial assistance to restore benefits to participants in troubled pension plans. Joe Biden signed the American Rescue Plan Act as the first major legislation of his presidency. This funding is a testament to the commitment and value placed on ironworkers' hard work and dedication.

The Iron Workers (IW) represents 128,000 ironworkers in North America who work in construction on bridges; structural steel; ornamental, architectural, and miscellaneous metals; rebar; and in fabrication shops.

SOURCE Iron Workers Union