Today, the House of Representatives passed the American Rescue Plan Act of 2021, which includes the Butch Lewis Emergency Pension Plan Relief Act of 2021. This is fantastic news for AFM-EPF participants. This legislation is intended to pay for all Plan benefits over the next 30 years, without the need for benefit reductions. President Biden is expected to sign it into law this week.
We never would have achieved this important victory without the combined efforts of so many participants, unions, employers and multiemployers pension plans. Thank you for all of the emails, calls and other ways that you made your voice heard with your elected officials over the past few years.
The Trustees will meet next week to review an actuarial analysis of the legislation’s impact on the AFM-EPF. As we have said previously, if this analysis confirms that the legislation will provide the intended financial relief to our Pension Plan, the Trustees plan to withdraw the MPRA application. This action would cancel the benefit reductions that are proposed in the application.