Sens. Portman, Brown Introduce the Pension Accountability Act to Provide Ohio Retirees a Fair Vote on Pension Cuts
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- Senators Reiterate their Commitment to Bipartisan Comprehensive Multiemployer Pension Reform
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Today,
The Senators both opposed the Multiemployer Pension Reform Act (MPRA), enacted in 2014, and are working together to replace it with a comprehensive, bipartisan solution. Unfortunately, MPRA did virtually nothing to prevent the pending insolvency of the
The Pension Accountability Act is a targeted, technical fix to amend the voting procedures under the MPRA to help
"I am pleased to reintroduce the Pension Accountability Act, and I appreciate
"What
"I applaud Senators Portman and Brown for standing up for retired
"The Pension Accountability Act is good policy because it gives those of us in plans reducing benefits under MPRA a meaningful vote on what will happen to the pensions we earned," said
NOTE: The Pension Accountability Act has no taxpayer cost. The bill amends the Multiemployer Pension Reform Act 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 proposed 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.
Portman and Brown served on the
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