(July 16, 2018) A rare field hearing was held by the congressional Joint Select Committee on Pensions at the Ohio Statehouse on Friday. The purpose of the hearing was to take testimony from interested parties who are specifically impacted by the funding crisis facing hundreds of private multi-employer pension funds guaranteed by the federal government. More than 1.3 million current and future retirees across the country with many in Ohio are impacted by this crisis. Both Senators are co-chairs of the committee, charged with the responsibility to devise a solution to close the funding gap and present it to Congress for an up or down vote once approved by the committee. The funds in question, including the Teamsters’ Central States Pension Fund, are facing more than $17 billion in unfunded liabilities that could lead to substantial cuts in benefits for those participating in the plans.
It is important to note that this action is not connected in any manner with OPERS’ solvency or that of the other four state pension systems. They are not participants in the federally guaranteed program. It’s important to remind PERI members that OPERS is 81% funded which is considered good for a system such as this.