Providing for Consideration of H. R. 2830, Pension Protection Act of 2005
PROVIDING FOR CONSIDERATION OF H.R. 2830, PENSION PROTECTION ACT OF 2005 -- (House of Representatives - December 15, 2005)
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Ms. FOXX. Mr. Speaker, I rise in strong support of this rule and the Pension Protection Act. Over the past several years, we have all witnessed some disturbing occurrences as we have seen far too many hardworking Americans contribute money into a pension plan, only to find their benefits dwindle or depleted entirely.
We must find ways to ensure that employers keep their promises to their retiring workers. I believe we have done so in this bill. Chairman Boehner and THOMAS are to be applauded for their determination to make this happen. They have spent countless hours in negotiations with employers, employees, unions, and all other parties who have a dog in this fight. The resulting bill we consider here today does exactly what its title says: It further protects the pensions of America's workers.
As I see it, the two most important parts of the Pension Protection Act are provisions to require more accountability and provisions that ensure fiscal responsibility. This bill strengthens current law and requires more accountability on the part of employers in funding their workers' benefit plans. It requires employers to put more cash contributions into worker pension plans. It closes loopholes allowing underfunded plans to skip pension benefits, and it calls for more transparency about the status of workers' pension plans. How can anyone oppose instilling more accountability into the pension system?
The Pension Protection Act is supported by a broad coalition of labor unions and employers like the United Auto Workers, the Brotherhood of Carpenters, the U.S. Chamber of Commerce, and the Financial Services Roundtable. The bill includes a broad package of multiemployer reforms sought by unions and employers. In addition to these reforms, the bill ends excessive compensation for executives if an employer plan is severely underfunded. It also insists on more accountability by prohibiting employers and unions from offering pension benefit increases when plans are already severely underfunded.
The Pension Benefit Guaranty Corporation is suffering from a $23 billion deficit. Unless we want all taxpayers to pony up and bail out the PBGC, we must demand reforms to place the defined benefit system on more solid ground. We must continue to fight for fiscal responsibility.
I urge my colleagues to support this bill.
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