Conference Report on H.R. 3108, Pension Funding Equity Act of 2004
CONFERENCE REPORT ON H.R. 3108, PENSION FUNDING EQUITY ACT OF 2004 -- (House of Representatives - April 02, 2004)
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Mr. LYNCH. Mr. Speaker, I too want to thank the gentleman from New Jersey (Mr. Andrews) and also the gentleman from Ohio (Chairman Boehner) and the gentleman from Ohio (Mr. Portman) for their work on this bill.
Mr. Speaker, I rise today to express my concerns about the conference report for H.R. 3108, the Pension Funding Equity Act. Mr. Speaker, I am extremely disappointed that this conference report fails to address the real dangers facing multi-employer pension plans.
When we considered this bill last October, I supported the temporary extension of using a composite of corporate bond index to replace the 30-year Treasury. I think that is a good move. It is good to, I think, adjust in the current climate the funding obligation calculations that we include in this bill. Few of us doubt that this country's retirement system is in desperate need of reform. However, today we are missing an opportunity to meaningfully address the funding struggles that are crippling many of the multi-employer plans in this country.
When the Senate considered H.R. 3108, they recognized this growing crisis, and they included protections for multi-employer plans by an overwhelming vote. Sadly, this good work was undone yesterday by Republican conferees who gutted multi-employer pension relief with a so-called compromise that was strictly conducted on a party-line vote.
Mr. Speaker, the real losers today are our Nation's workers. Multi-employer pension plans cover 9.5 million workers and retirees who have put their faith in the retirement security system. Hardworking families should not be forced to pay the price of partisan politics. They deserve this body to comprehensively address this problem facing multi-employer plans. Congress should be taking a fair look at this issue and making a good faith effort to provide meaningful pension reform. The Senate tried to do just that; but sadly, the conference report failed in its similar attempt.
There is a pattern here, Mr. Speaker, of conduct that the gentleman from New Jersey (Mr. Andrews) has addressed in part; and I, too, find it troubling that unemployment benefits are blocked by the Republican leadership; that overtime pay for our workers is blocked by the Republican leadership; that minimum wage increases are blocked by the Republican leadership. And now, Mr. Speaker, again, because of the obstructions created by the Republican leadership, we are missing an opportunity here to provide real multi-employer pension relief.
I urge my colleagues to support the gentleman from New Jersey's (Mr. Andrews) motion to recommit and oppose this conference report.
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