Sen. Sherrod Brown plans to introduce a bill he says will secure retirees’ pensions
U.S. Sen. Sherrod Brown plans to introduce legislation shortly that he says will ensure retirees in Ohio can keep the pensions they’ve earned.
Numerous Ohio pension plans, including the Central States Teamsters Pension Plan, the United Mine Workers Pension Plan, the Ironworkers Local 17 Pension Plan, the Ohio Southwest Carpenters Pension Plan and the Bakers and Confectioners Pension Plan, are currently on the brink of failure and threatened by massive cuts, said Brown, a Cleveland Democrat, during a visit Monday to the Teamsters Local 377 hall, 1223 Teamsters Drive.
“It’s bad enough that Wall Street squandered workers’ money – and it’s worse that the government that’s supposed to look out for these folks is trying to break the promise made to these workers. Not on our watch. We won’t allow that to happen,” Brown said.
Brown said his proposed legislation would put the pension plans back on solid footing and ensure they can meet their obligations to current retirees and workers for decades to come, without cuts.
If nothing is done to the plans, they will fail, and retirees will face massive cuts to the benefits they earned over decades of work, Brown said. If the plans are allowed to fail, not only will they no longer be able to pay promised benefits, but taxpayers would be at risk of having to pay billions because the Pension Benefit Guaranty Corp. would be on the hook for billions of dollars it cannot pay, he said. PBGC is the arm of the federal government that insures pension plans.