U.S. Senators Sherrod Brown and Rob Portman released statements Thursday saying more time is needed to work together to find a solution to underfunded pensions threatening 1.3 million Americans, including 60,000 Ohio residents, and thousands of small businesses.

Democrat Brown and Republican Portman are members of the House and Senate Joint Select Committee on Pensions that was created to look into helping the underfunded pension plans, particularly union multiemployer plans that are severely cutting monthly benefits to current retirees to stay financially viable.

Committee members initially were expected to vote on a package by Nov. 30 but will need additional time. Ohio’s senators say they have made significant progress and a bipartisan solution is attainable.

“Ohio workers, retirees, businesses and taxpayers are counting on Congress to solve this crisis and we will not stop working until the job is done,” Brown said in a news release. “Working together, Rob and I have made significant progress on the committee and we know that with more time a bipartisan agreement is achievable. We are grateful to Ohio workers, retirees and businesses whose tireless efforts have brought us this far and we are committed to continuing our work until Congress passes the solution Ohioans deserve.”

“We have made important progress towards reaching an agreement to help resolve this multiemployer pension crisis and these efforts must continue until we complete our work,” Portman said. “Without action, the multiemployer pension system will collapse, leaving many Ohio workers and retirees impoverished and forcing many employers to go bankrupt. That’s an unacceptable outcome, and I will continue to work with my bipartisan colleagues until we solve this pension crisis once and for all.”