Sen. Brown announces plan to protect pension of Ohio retirees

Sen. Sherrod Brown spoke at the Local 377 Teamsters Hall on Monday

 Ohio Senator Sherrod Brown said he has a plan to make sure pensions have the money needed to stay afloat.

YOUNGSTOWN, Ohio (WKBN) – Ohio Senator Sherrod Brown said he has a plan to make sure pensions have the money needed to stay afloat.

Speaking at the Local 377 Teamsters Hall on Monday morning, the senator said many Ohio retirees are in jeopardy of seeing their pensions cut.

He’s sponsoring legislation allowing pension plans to borrow money. The plan will be funded through the sale of Treasury bonds, and Brown said the pensions will pay back the loans.

“This is not a bailout,” Brown said. “It simply restores these pensions so those workers will be able to know the pensions they earned will be there for them.”

Ed Barker, president of the Local #377 Retirees Club, said something needs to be done.

“We didn’t work to retire and get poorer, as we live longer with these pension cuts,” he said.

The Butch Lewis Act is named after Butch Lewis, the former retired head of Teamsters Local 100 in Evendale, Ohio.

Brown said the bill on pension funding will be introduced later this week in Congress. He said there are currently no Republican co-sponsors for the legislation but thinks support will grow among GOP senators.

.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s