Democratic Senators looking to save workers’ pensions

Tax loophole allowed businesses get out of paying around 10 million people.

Millions of workers with pension promises from multiple companies could get a boost with a proposal from Democrats in the U.S. Senate.

Minnesota’s Al Franken is among those pushing a the proposal that would reverse what he calls a tax loophole for businesses that let them back out of pension contracts with workers.

“This is so important,” Franken said. “If you care about the working men and women of this country, then you will want them to have secure retirements and that means honoring their pensions.”

An estimated 10 million Americans have promised pensions that have disappeared as businesses become insolvent and it needs to be made right, says Franken.

“If you worked, if you had a signed contract that you were working under, then you’re entitled to what was on that contract,” he said.

The proposal is also sponsored by Democratic Senators Tammy Baldwin (Wisconsin) and Bernie Sanders (Vermont). No Republicans have yet expressed interest in the idea.