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samplegirl

(11,415 posts)
Sun Mar 28, 2021, 09:16 AM Mar 2021

Couldn't be prouder of Tim Ryan or Sherrod Brown

Ohio retirees take victory lap after pension fix is included in American Rescue Plan

WASHINGTON, D.C. - After eight years of fighting to restore pension benefits for roughly 1.3 million workers and retirees who faced cuts of as much as 70 percent, Mike Walden of Cuyahoga Falls was finally able to take a victory lap after President Joe Biden signed the American Rescue Plan into law.

Democratic U.S. Sen Sherrod Brown put language in the bill that set up a new Treasury Department agency called the “Pension Rehabilitation Administration.” It will issue low-rate bonds and loan the proceeds to beleaguered multi-employer pension plans that ran into trouble when their investments took a nosedive as retirements swelled and the number of active workers paying into the plans decreased. Some of the companies that paid into the plans also went bankrupt, which increased the amount surviving companies had to pay. Coronavirus worsened the pension plans’ financial picture as more money-losing companies stopped contributing.

An estimated 60,000 Ohioans including Walden participate in affected pension systems that cover pools of union members who work for different companies in industries like trucking, mining and construction. They include the Teamsters Central States Fund, and others for ironworkers, carpenters, bakers and confectioners.

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Couldn't be prouder of Tim Ryan or Sherrod Brown (Original Post) samplegirl Mar 2021 OP
Good news...nt Wounded Bear Mar 2021 #1
Yes it is this is samplegirl Mar 2021 #2
Well done. Hotler Mar 2021 #3
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