Advocates for Labor and Progressive Institutions

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B&K Pension Fund Clients Awarded Federal Special Financial Assistance to Save Workers' Pensions

July 8, 2024

Three multiemployer pension funds represented by Bredhoff & Kaiser have been awarded a combined total of over $5.5 billion in special financial assistance from the federal government under the American Rescue Plan Act of 2021. The largest of these awards, in excess of $3 billion, was made in June 2024.

This money ensures that these funds to are able to pay promised benefits to hundreds of thousands of plan participants across the country.  Without this federal funding, each of these plans was projecting insolvency in less than a decade.

The special financial assistance provisions of the American Rescue Plan Act are the result of many years of advocacy by unions and fiduciaries of underfunded pension plans. Bredhoff & Kaiser is proud to have participated in that advocacy and to have guided our clients through their successful applications for special financial assistance.