U.S. Senators Rob Portman and Sherrod Brown co-hosted a field hearing by the House and Senate Joint Select Committee on Solvency of Multi-employer Pensions Plans in Columbus on Thursday.
The bipartisan committee has been tasked with finding a solution to the pension crisis immediately threatening 1.3 million Americans and thousands of small businesses across the country.
Numerous Ohio pension plans are considered in “critical status” and are projected to become insolvent.
Senator Portman says if we don’t fix the problem– there will be a lot of retirees and companies that will be in real trouble.
“This is something that involves every single tax payer, whether you are involved in a pension plan or not. So we do need to fix this because if you have the pensions go under, then the government body that provides the insurance for them, called the PBGC is going to go under, and that will in turn affect a lot of companies and the economy,” Sen. Portman said.
Senator Portman added he believes it is a problem that we can solve, and that it needs to be done in a bi-partisan way that will have a long-term impact.