That’s because the Pension Benefit Guaranty Corporation, the government agency that insures private-sector pensions, could run out of money as soon as 2026. That means if your employer defaults on your pension, the PBGC won’t have the money to cover your loss.
Democrats say they have a plan to fix this, but accuse Senate Republicans blocking it.
“I worry every day,” said retired union baker Mike Offenback. He wants lawmakers to know that losing his pension means going bankrupt. “I hope they hear me.”
“We are in a situation now where it is incumbent upon us to step forward to support your capacity to be able to get your pension,” said Sen. Debbie Stabenow (D-MI).
The House passed a fix earlier this year, but now Democrats say the Senate isn’t doing its part.
“If one person would just put it on the floor. You know who that is? Mitch McConnell,” said Sen. Chuck Schumer (D-NY).
In a statement, McConnell’s office says he is ‘concerned about insolvency issues’ and ‘supports the ongoing process to find a bipartisan solution.’
Democrats say they’re doing what they can, but that it’s also up to workers to keep the pressure on Senate Republicans.
“But if you don’t come and show up, and they don’t see a real person behind this, a family that’s going to be hurting, then we’re not going to have any success whatsoever,” said Sen. Joe Manchin (D-WV).
“it’s so important that people are made whole that contributed so much,” said Sen. Sherrod Brown (D-OH).
McConnell’s office didn’t say whether he’d be willing to put the House version up for a vote on the Senate floor. Democrats say that needs to happen soon.