WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) released the following statement today after the Pension Benefit Guaranty Corporation (PBGC) announced that it would cover the pensions of almost 7,000 workers and retirees of Youngstown’s Forum Health hospital.
“When a company goes out of business, there is no good news for the workers affected. But the bad news would be a lot worse without the backstop provided by the federal government’s pension guarantee, which ensures that workers and retirees will continue to have retirement security even when their employer goes under,” Brown said. “I appreciate the work of the PBGC, hospital management, and local labor unions to ensure that these workers can rely on the retirement benefits that they have earned and deserve.”