Dayton Daily News: Brown says pensions in danger if steps not taken

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Dayton Daily News: Brown says pensions in danger if steps not taken

If Congress doesn’t act soon, more than one million workers and retirees could suffer the consequences of our country’s worsening pension crisis.

It’s fundamentally unfair. Sherrod has consistently spoken out on this issue, because it’s not right that Ohioans who’ve worked hard their entire adult lives could see massive cuts to their pension benefits.

Americans in all corners of the country put in decades of work to retire securely. Congress needs to take action to make sure their pensions are funded. And Sherrod will keep fighting until it happens.

Dayton Daily News: Brown says pensions in danger if steps not taken

  • Sen. Sherrod Brown, D-Ohio, said during a hearing of the Joint Select Committee on the Solvency of Multiemployer Pension Plans that Congress must address our country’s pension crisis, and take action to keep the problem from happening again.

  • That will involve shoring up the multiemployer pension plans such as the Central States Plan, which covers 60,000 Ohioans, as well as shoring up the Pension Benefit Guaranty Corporation, which insures such plans.

  • Brown said both steps are crucial in preventing this type of crisis from happening again:
    “Ask anyone who’s ever totaled a car or dealt with flooding or fire in their homes—you’re sure glad you have insurance,” he said. “But you’d much rather have avoided the disaster in the first place.”

  • Brown said the committee, which has until November to come up with a solution that Congress will vote on in an up-or-down vote, will begin negotiating a solution to the crisis in July.

Read more here.