Senators Say Meaningful Progress Has Been Made Toward a Bipartisan Proposal and Work will Continue Until Job is Done
WASHINGTON, D.C. — Today, U.S. Senators Rob Portman (R-OH) and Sherrod Brown (D-OH) released the following statements as they continue working together to find a solution to the pension crisis threatening 1.3 million Americans, 60,000 Ohioans, and thousands of small businesses around the country. Portman and Brown are both members of the House and Senate Joint Select Committee on Pensions. When the committee was created, it was expected members would vote on a package by November 30th. The senators say that while they have made significant progress and a bipartisan solution is attainable, more time is needed. So the committee will continue its work. In a joint statement with Brown, Committee Co-Chairman Orrin Hatch (R-UT) made the same commitment to continue working with Portman, Brown and other members of the committee past November.
“We have made important progress towards reaching an agreement to help resolve this multiemployer pension crisis and these efforts must continue until we complete our work,” said Portman. “Without action, the multiemployer pension system will collapse, leaving many Ohio workers and retirees impoverished and forcing many employers to go bankrupt. That’s an unacceptable outcome, and I will continue to work with my bipartisan colleagues until we solve this pension crisis once and for all.”
“Ohio workers, retirees, businesses and taxpayers are counting on Congress to solve this crisis and we will not stop working until the job is done,” Brown said. “Working together, Rob and I have made significant progress on the committee and we know that with more time a bipartisan agreement is achievable. We are grateful to Ohio workers, retirees and businesses whose tireless efforts have brought us this far and we are committed to continuing our work until Congress passes the solution Ohioans deserve.”
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PLEASE HELP THE PENSION FUNDS! Retiree’s and current workers depend on this income to live and support their families. Not fair that we have to suffer from mismanagement and the economy. These monies were promised and insured by PBGC what is going on with government today? They clearly do not care about the other 99%! PLEASE HELP NOW!’
Hi Dorine – You are absolutely right. This benefit was promised to you and that which you contributed also. It isn’t fair that poor management and markets, as well as other issues, have negatively impacted your benefit. I am doing what I can, but wish that I could do more. I will keep raising the issues while proposing solutions.
Hi Russ,
Well, I just got the letter from the PBGC confirming the cuts. It seems that between transferring the “original plan” to a new “successor plan” and taking 61% of my pension and a % from other retirees, the original plan will avoid running out of money in the future. So, on January 1, 2019, instead of my regular pre-taxed check of $2,249.00, I will receive a “new” pre-taxed check of $889.14. The way the letter is written, it almost sounds as if we should be happy that they found a way to keep Local 805 afloat. I am numb…. can’t even function. How could the government approve these cuts knowing that by doing so, they are putting people out on the streets? A cut of $20.00 a month is one thing, but cutting $1,359.86 from my income every single month will put me in an early grave. I feel like I’m living a nightmare….Is there any help for me after January 1st when the first cut comes?
Good morning, Carol – I’m so sorry to read about these cuts. I don’t understand how they can sleep at night knowing that they are dramatically and negatively impacting the lives of so many innocent people. In the initial draft from the JSC, there is a section that calls for the reinstatement of benefits previously cut under MPRA. Of course, the JSC hasn’t formally adopted a piece of legislation to put forward, so I don’t know how likely that provision will be accepted. They have to understand that by cratering these plans that they are dooming the impacted participants to the social safety net, which just may cost them a lot more in the end. God Bless you!