More than 20,000 New Yorkers who lost their retirement savings will get help from the American Rescue Plan, according to the union's president.

Frank DeRiso, president of United Food Commercial Workers Union Local 1, told Spectrum News 1 that special financial assistance from American Rescue Plan money is going to make the shortfalls right.

Members of the UFCW, who work at places like Tops and Shop-Rite, had their pensions impacted by the crash of 2008 and then the bankruptcy filing by Tops in 2018, making their pension fund insolvent, DeRiso said.

The geographic reach of the union stretches from Erie, Pa., to Plattsburgh.

“This is a very big deal, today we are announcing 764 million dollars for over 19 thousand retirees and workers," said Gene Sperling, senior advisor to the president and American Rescue Plan coordinator.

After the recession of 2008 and Tops declared bankruptcy in 2018, the pension fund for the union was on track to run out of money by 2026.

“This is a modest pension fund that was set up. They earned it, they worked for it. The things that caused it to be underfunded was not of their doing, and nothing they could do to change it," Deriso said.

Eighty percent of the pension fund came from Tops. With retirees on track to lose 20 to 40% of their pension, something had to change. After the union applied, it was approved for special financing assistance through the American Rescue Plan on Thursday.

“So this is huge. This is huge for the participants, this is huge for the members, the plan, and it makes me feel very good because we worked very hard for the last 10 years," said Deriso.

Most of the benefits will go toward workers in the western half of the state, but the news has a statewide impact.

“It’s a reward for our loyalty and dedication throughout these years, and it’s a good feeling," said Dean Maracchion, vice president of UCFW Local 1.

He has been with Tops for 39 years, starting as a bagger and eventually moving to produce manager.

“Fairness happened, and we’re actually going to see what we were due and it not going to be reduced. It’s the little guy making a win," said Maracchion.

No union employee has seen a lapse in pension benefits, and due to the federal assistance, they won’t moving forward.