Wynn Votes for Bill to Secure Pension Benefits

December 15, 2005

WYNN VOTES FOR BILL TO SECURE PENSION BENEFITS

Washington, DC- Today, Congressman Wynn voted for H.R. 2830, the Pension Protection Act. The measure strengthens funding for the nation's private pensions and improves the financial health of the Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures private pensions. The measure would prevent poorly funded pension plans from digging themselves into a deeper hole by providing shutdown pension benefits to cut down the impact of corporate downsizing on older workers.

"During this time of pension debacles in the airline and manufacturing industries, I am pleased to vote for a measure supported by the Montgomery County firefighters, United Auto Workers, and the airline employee unions. Although the bill was not perfect, it was a step in the right direction. It provides benchmarks for firms to fully fund their pension programs, and allows public safety officers, many of whom retire before they are Medicare eligible, to use up to $5,000 of their retirement benefits to purchase health insurance on a pre-tax basis. This bill will help ensure that retirees receive a reasonable pension," said Wynn.

H.R. 2830 increases the premium employers' pay to the PBGC to insure their pensions from $19 to $30 per person, thereby increasing the PBGC's fund to protect the pensions of 44.1 million American workers and retirees. The bill also makes permanent the increase in annual contribution limits for Individual Retirement Accounts and the additional "catch-up" contributions for those 50 years or older.

http://www.wynn.house.gov/issues2.cfm?id=11463