[Congressional Record Volume 151, Number 163 (Saturday, December 17, 2005)]
[Extensions of Remarks]
[Pages E2601-E2602]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     PENSION PROTECTION ACT OF 2005

                                 ______
                                 

                               speech of

                            HON. BART STUPAK

                              of michigan

                    in the house of representatives

                      Thursday, December 15, 2005

  Mr. STUPAK. Mr. Speaker, yesterday, the House of Representatives 
passed the Pension Protection Act on a vote of 294-130. I voted in 
favor of this bill in order to move the legislative process forward 
because failure to approve pension reform legislation endangers the 
retirement security of hundreds of thousands of workers. Without 
changes our pension system, many employers will face even greater 
pressure to file for bankruptcy to terminate their workers' pension 
plans. Though I supported H.R. 2830, it is my hope that the final 
conference report will be a product more closely resembling the version 
that passed the Senate on a near unanimous vote.
  It is my understanding that when the Conference Committee convenes, 
Education and Workforce Chairman Boehner will support including a 
Senate provision that provides some industries with needed time to 
address their unique financial circumstances. Without immediate passage 
of this bill, some defined benefit plans may be forced to default on 
its payments to retirees.
  While not perfect, H.R. 2830, the Pension Protection Act, contains 
many important provisions that will strengthen our defined benefit 
system. For example, the Act provides relief to multi-employer pension 
plans by allowing more affordable and appropriate contributions to 
maintain their employees' pensions. This will greatly benefit workers 
in the skilled trades, such as plumbers, carpenters, and transport 
workers. I was disappointed that multi-employer pensions were excluded 
from the temporary pension relief that was signed into law last year, 
and I am glad that this bill provides long overdue relief to secure 
these workers' pensions.
  Though House passage of H.R. 2830 is better than passage of no bill 
at all, this legislation must be improved during the conference between 
the House and Senate. I would like to see a bill that does more to 
protect older workers whose employers convert their defined benefit 
pension plans to cash-balance plans. Further, this bill provides that 
the Pension Benefit Guarantee Corporation guarantee some, but not all, 
pensions when a factory or plant shuts down. Stronger protections for 
older workers and insurance for all shut down pension benefits should 
be included in the final Conference Report.
  All workers in every type of industry require immediate changes in 
our current pension laws if we are to ensure that future generations 
are able to participate in the defined benefit retirement plans that 
offer superior retirement security. Failure to pass this bill and move 
the legislative process forward endangers thousands of workers 
pensions. Though the Pension Protection Act is not a perfect bill, I am 
compelled to support this legislation so that our pension system can be 
changed to assist all employees.

[[Page E2602]]



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