Valley Teamsters rally for bill to save pension - News weather sports for Youngstown-Warren Ohio

Valley Teamsters rally for bill to save pension

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Thousands of people, including some Teamsters from the Valley, are expected to rally in Columbus today in support of legislation that would rescue financially-troubled retirement plans.

Members of Teamsters Local 377 boarded a bus in Austintown this morning to travel to the state capital to attend the event being held in support of proposed Federal legislation known as the Butch Lewis Act of 2017.

The act introduced by Senator Sherrod Brown would provide a way to avoid retiree benefit reductions by providing relief to financially-troubled pension plans.

The bill is named after the former Teamsters Local 100 President who died in late 2015 while fighting to prevent cuts to the Teamsters’ Central States Pension Fund.

The legislation would establish a new agency that will be called the Pension Rehabilitation Administration (PRA) within the U.S. Treasury Department. The PRA would be authorized to issue bonds in order to finance loans to pension plans in financial distress.

Teamster officials say the bill could impact as many as 4,000 people in the valley who drove trucks for or worked in warehouses operated by companies such as Pepsi, Coke, UPS, Superior Beverage.

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