Sen. Rob Portman
Sen. Rob Portman

On Tuesday, U.S. Senator Rob Portman (R-Ohio) continued to push for the Senate to pass his Pension Accountability Act. At a Finance Hearing on “The Multiemployer Pension Plan System: Recent Reforms and Current Challenges,” Portman spoke with Ohio pensioners who face pension cuts.
 
Portman’s legislation will protect 48,000 Ohioans from having their hard-earned pensions cut with no say in the process. His bill aims to give workers and retirees a voice when a looming multi-employer pension bankruptcy requires major pension reforms.
 

 


“If there were hundreds of thousands of Social Security beneficiaries getting their retirement benefits cut by as much as 70 percent there would be a national outrage,” Portman said. “These teamsters played by the rules … did exactly what they were told to do and worked long hours and many years with the expectation [their pensions] would be there … We need to work together and figure this out.”
 
The Pension Accountability Act improves the Multi-employer Pension Reform Act (MPRA) in two ways:

· First, for struggling pension plans seeking cuts, it will make the participant vote binding in all situations. This will give the workers and retirees a seat at the table to influence the solvency reforms. Their majority vote will be required for any pension cuts to occur.

· Second, it will make this vote fair by counting only the ballots that are returned. Unreturned ballots will no longer be counted as a “yes” vote.