Boehner Expects House to Move Quickly on Comprehensive Pension Reform Legislation
Boehner Expects House to Move Quickly on Comprehensive Pension Reform Legislation
November 16, 2005
Notes Senate Action on Pension Bill, Expects House Vote in Early December
WASHINGTON, D.C. - House Workforce Committee Republicans today commended the Senate for approving pension reform legislation, noting that they expect the House to follow suit on its own version, the comprehensive Pension Protection Act (H.R. 2830), once the chamber returns after the Thanksgiving holiday.
"The Senate vote represents another important step toward enacting the first comprehensive reforms to the traditional worker pension system in more than a generation," said Rep. John Boehner (R-OH), Chairman of the House Education & the Workforce Committee. "I expect the House to vote on the Pension Protection Act when we return to session following the Thanksgiving holiday, and I remain hopeful we can send a final bill to President Bush very soon. The Pension Protection Act strikes the right balance of establishing tougher funding requirements for employers, enhancing disclosure on behalf of workers, and protecting taxpayers from a possible multi-billion dollar bailout."
Boehner's comments come a day after the federal Pension Benefit Guaranty Corporation (PBGC) reported a long-term deficit of $22.8 billion for single employer pension plans, as of September 30, 2005. Improving the agency's financial health is just one element of the House's comprehensive pension reform legislation.
H.R. 2830 - introduced by Boehner, Ways & Means Committee Chairman Bill Thomas (R-CA) and Employer-Employee Relations Subcommittee Chairman Sam Johnson (R-TX) - was approved by the Education & the Workforce Committee on June 30 and the Ways & Means Committee a week ago.
H.R. 2830 balances reforms to ensure employers more accurately measure and fund their short-term and long-term pension promises, tough new funding requirements to ensure plans are adequately and consistently funded, meaningful disclosure provisions about the financial status of pension benefits, and protections for taxpayers from a possible multi-billion dollar bailout of the PBGC should the agency's financial condition continue to deteriorate.
http://johnboehner.house.gov/News.asp?FormMode=Detail&ID=1057