Ryan, Brown urge pension protection


Ryan, Brown urge pension protection

Trib Today – U.S. Rep. Timothy J. Ryan, D-Niles, and Sen. Sherrod Brown, D-Ohio, said Wednesday they sent a letter to Treasury Secretary Timothy Geithner calling for him to help protect auto workers' pensions.

The lawmakers said they have requested a meeting with Geithner to resolve pension concerns raised by a recent Government Accountability Office Report on retirement security in the auto sector.

The report stated that participants in the auto sector could stand to lose as much as $35 billion in earned pension benefits if their plans were to be terminated and assigned to the Pension Benefit Guaranty Corp.

The letter called on Geithner to ensure that the government bailout funds that support the auto sector followed the bailout legislation, which include to ''protect home values, college funds, retirement accounts, and life savings.''

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