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.