[Congressional Record Volume 143, Number 68 (Wednesday, May 21, 1997)]
[House]
[Page H3080]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  ACTION NEEDED ON PENSION PROTECTION

  (Mr. GEJDENSON asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. GEJDENSON. Mr. Speaker, soon we will be taking up H.R. 1377, the 
Savings are Vital to Everyone's Retirement Act of 1997, the Savers Act. 
It is very nice. It says the President should have a study. But we know 
what we need to do on retirement protection. There is legislation that 
I have authored, and others.
  Fifty-one million Americans do not have pensions today. Women, one-
third of them are covered by pensions at age 55, and that is wrong. 
Women retirees are in systems that provide lower benefits. Women are 
less than half as likely as men to work in jobs that are covered by 
pensions. Twelve million women work for small firms who simply do not 
have pensions at all.
  Mr. Speaker, the Republicans when they were in the minority used to 
attack us for having studies. That is what they have turned out to do 
now. We are going to study pensions, when we know what we need to do. 
We need to make sure that unscrupulous companies do not rip off 
people's pensions, so people can invest in a modern society where they 
move from job to job, that they can keep those benefits, that it is 
easier for private companies to set up pensions, and that women are 
treated equally to men. Studies are fine. Let us get some action on the 
floor.

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