[Congressional Record Volume 151, Number 163 (Saturday, December 17, 2005)]
[Extensions of Remarks]
[Pages E2584-E2585]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     PENSION PROTECTION ACT OF 2005

                                 ______
                                 

                               speech of

                         HON. CHRIS VAN HOLLEN

                              of maryland

                    in the house of representatives

                      Thursday, December 15, 2005

  Mr. VAN HOLLEN. Mr. Speaker, the good news is that this Congress is 
at long last attempting to address the looming crisis in our nation's 
pension system. The bad news is that the best available evidence 
suggests that today's optimistically entitled Pension Protection Act 
doesn't achieve its stated objective.
  Pension rules are complex. But in my view, the goals of pension 
policy are really pretty

[[Page E2585]]

simple. First, we must protect taxpayers from an S&L style bailout of 
the Pension Benefit Guaranty Corporation (PBGC). And second, we must 
shore up the long term viability of the pension benefits promised our 
workers.
  The PBGC today faces a current deficit of about $23 billion, with 
additional liabilities estimated at up to $100 billion. However, rather 
than closing that gap, H.R. 2830 actually increases the PBGC's deficit 
by $9 billion over the next 10 years, according to the Congressional 
Budget Office (CBO).
  Mr. Speaker, I simply cannot support pension legislation that puts 
taxpayers in greater jeopardy than they already face today.
  With respect to pension security, we would do well to recall the 
Hippocratic admonition to ``First, Do No Harm''. Congressional action 
that results in companies terminating or freezing or failing to 
establish defined benefit plans in the first place hurts precisely the 
same workers we say we are trying to help. Yet that's precisely what 
this bill does.
  A recent survey of the Committee on Investment of Employee Benefit 
Assets (CIEBA), an organization representing Chief Investment Officers 
from the nation's largest corporations, found that 60% of pension plans 
would be frozen or terminated if this legislation becomes law. The 
CIEBA goes on to warn that HR 2830 would ``have long term consequences 
for current and future workers, with the potential to damage the 
retirement security of millions of Americans.''
  If we are not effectively securing the earned pension benefits of our 
workers, then what are we doing here today?
  Mr. Speaker, I have a final objection to today's proceedings 
regarding the inability of our side to offer a Democratic substitute. 
If we had been allowed a substitute, this House would have had an 
opportunity to debate a range of critical issues not adequately 
addressed by the underlying bill--including the inappropriate use of 
the PBGC as a dumping ground for underfunded pensions run by companies 
seeking a competitive advantage in the marketplace, the right of older 
workers not to face age discrimination under federal pension rules and 
the ability of all workers to receive disinterested investment advice 
for their company sponsored defined contribution plans. Because the 
majority has abused its procedural power to block our alternative, 
these and other important issues that ought to be receiving our careful 
attention will not see the light of this day.
  Mr. Speaker, for the sake of the millions of hardworking Americans 
counting on their hard-earned pension benefits to support themselves 
and their families in retirement, this Congress has an obligation to 
pass meaningful pension reform.
  However, I cannot and I will not support pension legislation that 
further imperils the taxpayers and workers real pension reform is 
supposed to serve.
  I urge my colleagues to vote no on H.R. 2830, and I yield back the 
balance of my time.

                          ____________________