BUFFALO, N.Y. (WIVB) — NY-26 Congressman Brian Higgins (D) announced action Thursday that will protect nearly 300 western New Yorkers from pension cuts.
The action comes through the Pension Benefit Guaranty Corporation, provided through the American Rescue Plan. It will prevent pension cuts for 295 local workers from eight Western New York companies.
In total, 1,200 New Yorkers and more than 350,000 people nationwide will benefit from this. The workers were facing a nearly 60% cut in retirement savings. For the 295 in Western New York, it secures over $46.7 million in funds that was at risk.
“These are people who worked hard, paid into retirement, and were left with the reality of losing it all. This changes everything. It provides the relief, stability, and security they earned and deserve,” Higgins said.
Aidan Joly joined the News 4 staff in 2022. He is a graduate of Canisius College. You can see more of his work here.