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Pensions in Peril: Donnelly Says Thousands of Hoosiers Could Lose Money

Indiana's senior senator says people who have paid in money could be in danger of not getting it back in retirement.

WASHINGTON, D.C.--Even if you paid in to your company pension plan as long as you worked, that money could be in danger of disappearing. Sen. Joe Donnelly (D-Ind.), said over 150 pension plans across the country are in trouble, and that includes for around 30,000 Hoosiers.

“We are here once again calling on Congress to enact pension legislation before it’s too late…If we don’t act soon, in my home state of Indiana, nearly 22,000 Teamsters and 2,700 mineworkers could face significant pension cuts," said Donnelly.

"They don’t want a handout. They did their part, now it’s time for us to help make good on what they were promised. They don’t care about politics. They don’t want anything to do with partisanship. They just want us to fix this."

Without congressional action, the nearly 150 multiemployer pension plans listed by the U.S. Department of Labor as in “critical or endangered status” could fail, potentially leading to the collapse of the federal pension insurance program, the Pension Benefit Guaranty Corporation, said Donnelly. 

He said that could impact thousands of Hoosier Teamsters and mineworkers.

Donnelly related stories from Hoosiers who will have financial problems if their pension are cut or collapse.

"That’s part of why we were sent here, to solve problems, and it’s time solve this problem now. Let’s reach a solution that allows American workers to retire with the financial security they expected and the financial security they earned," said Donnelly.

PHOTO: Thinkstock/Ingram Publishing

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