Brown and Spangler reaffirm call for loan program to fix pension crisis

Bryan Times

Three months after Spangler Candy Co. CEO Bill Martin and other business leaders at a Senatorial hearing in Columbus indicated their support for a long-term, low-interest federal loan program to fix the national multi-employer pension crisis, the move has received official endorsement from a few heavy hitters.

According to a news release from Sen. Sherrod Brown (D-Ohio), nearly 30 organizations including the National Association of Manufacturers (NAM); the U.S. Chamber of Commerce, Dairy Farmers of America, UPS, Kroger, Nestle and Spangler Candy recently jointly wrote to the members of the Joint Select Committee on Solvency of Multiemployer Pension Plans, co-chaired by Brown and Orrin Hatch (R-Utah), to endorse the approach.

The Butch-Lewis Act, a Brown proposal, would enact such a scenario at a cost of $34 billion as estimated by the Congressional Budget Office, much less than the preliminary $100 billion figure.

Brown has said the cost would be “less than half” of allowing endangered pension plans to fail.

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Brown and Spangler reaffirm call for loan program to fix pension crisis »