PENSION PROTECTION ACT OF 2006 -- (House of Representatives - July 28, 2006)
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Mr. RYAN of Wisconsin. Mr. Speaker, I am sitting here listening to this debate and I am wondering, what bill are they talking about? Are they talking about the bill that 70 Democrats voted for earlier in the year that got 294 votes? Are they talking about the bill that is endorsed by the United Auto Workers, by the building trades? Are they talking about the bill that was negotiated between Democrats and Republicans, between the House and the other body? Because that is the bill we are talking about right here. This bill was written with the input from labor, with the input from management, with the input from employees and employers.
What is wrong? What needs to be fixed? Well, you know what needs to be fixed? If an employer promises their employee they are going to fund their pension, by golly, that is exactly what they should do. That is what this bill does. It makes sure they do in fact fund that pension 100 percent.
If an employer wants to prefund their employees' pension, wants to do good by helping them ahead of time, we want to change the rules so they can do that. And you know what, if an employer wants to exploit loopholes and rip off their employees, shortchange their pension, as the current law allows employers to do, we have got to stop them from doing that. And that is what this bill does.
That is why this bill is supported by unions, by management, by Republicans, by Democrats, by the House and the other body. This is a bill that is a good bill that has been negotiated for a year, and I urge its passage.