WATERTOWN, N.Y. – Thousands of union workers in the north country are set to receive a significant boost in pension benefits, thanks to a funding recovery effort spearheaded by U.S. Senate Majority Leader Charles Schumer.
Laborers’ International Union Local 1822, which serves as the representative for over 500 construction workers across multiple counties, is expected to receive close to $16 million in special financial assistance. This funding will provide crucial support to workers in Jefferson, Lewis, St. Lawrence, and Franklin counties.
The announcement of this financial aid was made by Senator Schumer on January 26, signaling a positive development for workers in the region. Schumer emphasized the necessity of this action, highlighting the potential collapse of the pension system and the impact it would have had on workers’ ability to retire.
The funding for this initiative is set to come from the American Rescue Plan, which aims to bolster the stability of the multiemployer pension system. Schumer reiterated the importance of protecting workers’ financial security and ensuring that they receive the benefits and support they deserve.
In a press release, Senator Schumer explained that the 2008 financial crisis had placed many union workers’ multiemployer pension plans in jeopardy, largely due to unchecked speculation on Wall Street. This not only affected the workers directly but also posed a threat to countless families’ retirement savings.
The effects of this funding recovery effort are expected to alleviate financial strain for many union workers and their families, providing crucial support that will enable them to retire with financial security. With this infusion of federal funds, the future looks brighter for the hardworking union members in the north country.