[Congressional Record Volume 152, Number 53 (Friday, May 5, 2006)]
[Extensions of Remarks]
[Page E735]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 MOTION TO INSTRUCT CONFEREES ON H.R. 2830, PENSION PROTECTION ACT OF 
                                  2005

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                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                         Wednesday, May 3, 2006

  Mr. HOLT. Mr. Speaker, I rise in support of Mr. Miller's motion to 
instruct the conferees on H.R. 2830, the so-called Pension Security and 
Transparency Act.
  I opposed the Republican pension legislation that passed this body 
late last year because it will erode an employer's willingness to 
provide defined benefit plans and will close the loopholes that allow 
companies to dump their pension obligations onto taxpayers.
  In addition to these effects, it offers insufficient protections to 
loyal workers and gives special treatment to executives for their 
compensation and pension packages. It is this specific problem that we 
are addressing today.
  ExxonMobil's outgoing CEO, R. Lee Raymond recently secured a total 
retirement package valued at $400 million, including a $98 million 
windfall in the form of a lump sum pension payment. This is just one 
more example of huge executive compensation at the same time that 
workers are losing their retirement security and earned and needed 
benefits.
  Under the House Republican pension legislation passed last year, if 
an employer allows a pension plan to become less than 80 percent 
funded, the covered workers cannot receive benefit increases, cost of 
living adjustments, or lump sum pension payments. The legislation holds 
executives to a different, and much cushier, standard. Executives can 
continue to pad their own compensation packages with corporate assets 
until plan funding drops below 60 percent.
  We must establish fairness in the pension process and level the 
playing field so that CEOs and workers are subject to the same benefit 
rules. This motion would accomplish that goal, instructing conferees to 
apply the same benefit restrictions for workers and retirees, and CEOs. 
This is a vital step that we can take to restore a vital sense of 
fairness to the compensation and pension process.
  I encourage my colleagues to support this motion.

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