Larson Applauds Federal Action Protecting Pensions for Connecticut Construction Workers

East Hartford, CT – Today, Rep. John B. Larson (CT-01) applauded the Pension Benefit Guaranty Corporation’s (PBGC) approval of financing for the Sheet Metal Workers Local No. 40 Pension Fund, covering 984 Connecticut-based construction workers. 

“Nearly 1,000 construction workers in our state can now rest easy knowing their pensions will be there for them when they retire,” said Larson. “Workers who play by the rules and earn their retirement benefits through a lifetime of work should not see their pensions cut. I was proud to work with my friend and colleague, Rep. Richard Neal of Springfield, and President Joe Biden to shore up at-risk pension plans for 1.5 million Americans when we passed the Butch Lewis Act. Four years later, I am thrilled to see this law continue to bolster the economic security of Connecticut workers and their families.” 

Rep. Larson was a cosponsor of the Butch Lewis Act in Congress, which was signed into law by President Biden in 2021 as part of the American Rescue Plan. This law authorizes funding to assist multiemployer pension plans at risk of insolvency, protecting 1.5 million Americans whose pensions are at risk of being cut through no fault of their own. 

The Sheet Metal Local 40 Plan will receive approximately $9.9 million in Special Financial Assistance to shore up pensions, previously projected to become insolvent in 2048.