[Congressional Record Volume 150, Number 11 (Tuesday, February 3, 2004)]
[Extensions of Remarks]
[Page E103]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               H.R. 3108--THE PENSION FUNDING EQUITY ACT

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                            HON. GENE GREEN

                                of texas

                    in the house of representatives

                       Tuesday, February 3, 2004

  Mr. GREEN of Texas. Mr. Speaker, I rise today to urge Congress to 
quit playing politics with the pensions of American workers. This 
country faces a pension funding crisis in desperate need of the 
temporary fix provided in the Pension Funding Equity Act. Both chambers 
of Congress passed H.R. 3108 overwhelmingly, and both the House and the 
Senate should work in the same bi-partisan fashion in conference to 
produce a bill that can quickly be sent to the President.
  By no means should we simply ignore the partisanship and lack of good 
will that has permeated Congress in recent years and thwarted 
legislative progress. But we also shouldn't address that larger issue 
by holding hostage the pensions of hard working Americans.
  All of us agree that the new rate for calculating pensions must 
ensure that they are adequately funded. But the fact of the matter is, 
we need a temporary fix now, both to protect our pensions and ensure 
that we don't act hastily in determining the final rate.
  Mr. Speaker, our workers are relying on us to pass H.R. 3108 quickly. 
The temporary funding formula expired at the beginning of this year. 
And if we don't act now, by April 1, companies will be forced to add 
inflated amounts to their pension plans, a risky requirement that could 
force many companies into bankruptcy.
  I would also encourage my colleagues on the conference committee to 
include Senate-passed language that addresses multi-employer plans. 
These plans are entered into through collective bargaining agreements 
between unrelated employers. Multi-employer plans are crucial to 
employees of small businesses because the collaborative agreements 
allow small employers to provide defined benefit plans. These plans 
also provide employees with portable pensions as they move from job to 
job within the same industry.
  The Senate language would provide the temporary relief that multi-
employer plans need to address any funding problems and ensure that 
these important, flexible pension plans remain available to America's 
workers.
  Now is the time to pass this pension legislation. We literally can't 
afford not to. The Pension Benefit Guaranty Corp. can't afford to take 
on additional pensions. American corporations can't afford to make 
inflated payments. And, most importantly, our American workers can't 
afford to lose their pensions.
  Mr. Speaker, let's end the political games and pass this temporary 
fix to give us the time and flexibility we need to set a permanent 
replacement for the 30 year Treasury bond rate.

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