U.S. Representative Anthony Gonzalez (R-Rocky River) led a letter with 10 of his colleagues to President Trump on Friday asking for his engagement and support in finding a solution to the multiemployer pension crisis. This looming threat impacts more than 4,000 people in Ohio’s 16th District and numerous large and small businesses throughout Ohio.
“Congress and the White House need to act this Congress to find a lasting solution to the multiemployer pension crisis,” said Congressman Gonzalez. “We need a bill that addresses the short-term insolvency facing the Central States Pension Fund, reforms the system to ensure we never face this crisis again, and protects taxpayer dollars.”
Nearly two million retirees across Ohio, Michigan, Pennsylvania, Iowa, Wisconsin, West Virginia, Indiana and Minnesota are at risk of facing pension cuts of over 95 percent in the coming decade as multiemployer pension plans reach insolvency. Most notably, the Central States Pension Fund and the United Mine Workers Pension collectively have nearly 500,000 participants and are expected to be insolvent in the coming years. Failure to address this problem in Congress would mean significant financial hardship for retirees across these states and could stagnate job growth at our local businesses. Rep. Gonzalez’s letter asks for the President’s support in finding a solution that can pass the House, Senate, and be signed into law.
“The status quo is simply unacceptable for the retirees, active employees, business owners, and American taxpayers. These retirees spent their entire careers working towards the promise of a secure retirement and due to no fault of their own are now at risk of receiving a negligible portion of their expected benefits…” reads the letter. “It is important that a bipartisan solution, which can pass both the House and the Senate, be passed in a timely manner this Congress to provide certainty to retirees and employers that this crisis will be resolved. We stand ready to work with you and our colleagues to find a solution on behalf of our constituents.”