Secretary of Secretary Gina Raimondo applauded the Pension Benefit Guaranty Corporation’s announcement of a final rule to better protect the pensions of millions of Americans.
A member of the Pension Benefit Guaranty Corporation’s Board of Directors, Raimondo said she was proud of its ongoing work to protect Americans’ pensions, according to a July 6 Department of Commerce release of her remarks.
"Building a better America means investing in our infrastructure, our industry and most importantly, our people," Raimondo said in the release. “Thanks to this new rule, millions of Americans can sleep easier knowing that their hard-earned retirements and families’ financial well-being are better secured.”
President Biden’s American Rescue Plan helps to fulfill the promises made to millions of union workers and retirees, recognizing their decades of hard work and dedication, she said, according to the release. That is a crucial investment in the American people.
The PBGC final rule made changes to the Special Financial Assistance Program for financially troubled multiemployer pension plans, according to a PBGC release. The changes are intended to better protect the pensions earned by workers and retirees covered by multiemployer plans eligible for assistance.
The changes in the final rule will enhance plans’ ability to project that they will be able to pay benefits through 2051, the PBGC release reported.
