[Congressional Record Volume 141, Number 177 (Thursday, November 9, 1995)]
[House]
[Page H11979]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           PENSION REVERSION

  (Mr. GENE GREEN of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. GENE GREEN of Texas. Mr. Speaker, if I could ask the folks to 
direct their attention to the poster, during the 1980's, over $20 
billion was removed from our retirement systems because many companies 
used their pension funds for leveraged buyouts and others were simply 
taken over so they could raid their pension funds. In 1982, it went 
from $404 million all the way up to 1985, $6 billion were taken out of 
pension plans by companies. In 1986, 1988, and 1990, these were 
effectively brought to a halt because Congress realized that people's 
pensions were in jeopardy by these raids and these reversions on 
pension plans.
  The proposed change in the House reconciliation bill would allow 
employers to remove assets just like in the 1980's, if their 
liabilities are less than or more than 125 percent or less than 125 
percent. They could remove it for any purpose. Changes in the interest 
rate and the stock market could change the pension plans to weather 
their needs.
  The other body voted 94 to 5 to remove what the House did. I hope our 
conference committee would also remove it.

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