[Congressional Record Volume 149, Number 71 (Tuesday, May 13, 2003)]
[Extensions of Remarks]
[Page E939]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               THE EMPLOYEES' PENSION EQUITY ACT OF 2003

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                             HON. DOUG OSE

                             of california

                    in the house of representatives

                         Tuesday, May 13, 2003

  Mr. OSE. Mr. Speaker, I rise today to introduce The Employees' 
Pension Equity Act of 2003, a bill that will prevent executives from 
walking away with ``golden parachutes'' while employees are left 
holding the bag.
  We've all heard the stories: a company goes under leaving the 
employees unemployed and without the promised returns on their pension 
investments while, at the same time, the company's executives walk away 
with millions of dollars in their pockets.
  How does it happen that the ``highly compensated individuals,'' an 
actual legal term, don't suffer when their decisions leave a business 
floundering while the footsoldiers of the business are left unemployed 
and facing financial hardships?
  This bill seeks to right that wrong.
  The Employees' Pension Equity Act requires that the employee funds be 
just as sound as executive funds. Employees need to know that their 
pensions will not be left to ``wither on the vine'' while executives 
walk away with big, guaranteed checks in their pockets.
  This Act requires the annual comparison of employees' and executives' 
plans, and an annual additional donation to the employees' fund when 
they are not in the same fiscal shape as their executives' 
counterparts.
  It's that simple.
  The American worker deserves equal treatment and the guarantee that 
they will be taken care of before their bosses walk off with the 
company assets.
  This bill takes a stand for the American worker and for equality and 
justice for all.




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