[Congressional Record Volume 149, Number 128 (Wednesday, September 17, 2003)]
[Extensions of Remarks]
[Pages E1839-E1840]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 THE PENSION FUNDING EQUITY ACT OF 2003

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                     Wednesday, September 17, 2003

  Mr. RANGEL. Mr. Speaker, I am pleased to join Bill Thomas, Chairman 
of the Committee on Ways and Means, John Boehner, Chairman of the 
Committee on Education and the Workforce, and George Miller, Ranking 
Democrat on the Committee on Education and the Workforce, to introduce 
the ``Pension Funding Equity Act of 2003.'' This bill responds to the 
most pressing pension issue of the day that affects the retirement 
benefits of 44 million American workers, their families, and 
beneficiaries. I am pleased that bipartisan cooperation has allowed 
this process to move forward and enabled us to take action on this 
important issue.
  The lack of retirement security for millions of workers is an issue 
that demands our immediate attention. More than 50 percent of American 
workers who work full-time and play by all the rules of corporate 
America have no retirement benefits. I will not rest until this 
Congressional body takes the necessary steps to correct this disparity.
  The issue addressed in this bill is of great importance as well. The 
fortunate few workers who do have a pension benefit under our defined 
benefit system are depending on us to protect those benefits. This bill 
would accomplish this goal for the next two years by providing plan 
sponsors the certainty they need in determining the amount that must be 
contributed to the plan. However, a permanent solution to this issue 
must be found.
  The long-term viability of the defined benefit plan system is crucial 
for the secured retirement of millions of American workers. Designing a 
plan to maintain this viability will be a challenge we must undertake 
over the next two years. Any permanent solution must balance the 
competing elements of this issue, including (1) providing financial 
relief to employers who maintain defined benefit plans, (2)

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protecting the financial security of the pension benefits promised to 
workers under these plans, and (3) protecting the financial strength of 
the Pension Benefit Guaranty Corporation, the agency that insures 
benefits under these plans. I remain hopeful that we can work together 
to accomplish these goals.
  I have long supported the idea of advancing legislation on this issue 
in a free and unfettered manner. This issue should not be held hostage 
to additional pension reforms that have little or no chance of being 
enacted this year. I am pleased to co-sponsor this legislation, and I 
look forward to working with my colleagues to develop a long-term 
solution to this issue.

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