The American Rescue Plan Act (ARPA) created a special financial assistance (SFA) program for multiemployer pension programs at risk of insolvency. The program, which will be carried out by the Pension Benefit Guaranty Corporation (PBGC) in consultation with the Department of Treasury, is expected to provide around $86 billion in assistance to allow multiemployer pensions to cover benefit payments and plan expenses through 2051.  

NECA’s Look Ahead: For more information, see the memo regarding the program prepared by Brownstein Hyatt Farber Schreck for NECA members. NECA will be closely monitoring this program and how NECA plans can benefit.

The Bipartisan Infrastructure Framework deal is moving closer to a possible resolution. Although the procedural vote failed earlier this week, Leader Schumer is expected to take it back up early next week once final text is complete.  

NECA’s Look Ahead: Currently there is no bill text for this infrastructure plan. NECA will update membership on the details of the legislation and how the industry will be impacted once we have final text.

This Wednesday, President Biden visited the Westwood IBEW-NECA training facility to talk with trainees and contractors. He was given a tour of the facility and shown how workers are trained to create solar panels and other functions of the facility. Biden also discussed the pending infrastructure legislation and how it will benefit the industry.  

NECA’s Look Ahead: NECA appreciates the opportunity to showcase our joint IBEW training centers on a national stage. We continue to monitor any infrastructure bills released by Congress.