[Congressional Record (Bound Edition), Volume 151 (2005), Part 20]
[House]
[Page 27768]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    AMERICA NEEDS PENSION REFORM NOW

  (Mr. PRICE of Georgia asked and was given permission to address the 
House for 1 minute.)
  Mr. PRICE of Georgia. Mr. Speaker, traditional pension plans, once 
the legacy of a lifetime of work, are crumbling. And with time running 
short on our legislative year, action by Congress is necessary to 
protect the retirement of hardworking Americans.
  Large and small businesses need changes to current law in order to 
have greater flexibility to help their employees plan for their 
financial security. Recently, Verizon Communications, a large, vibrant 
company, froze its pension plan for 50,000 employees. These defined 
benefit plans have not adapted to the times.
  They have used the same formula since their inception, number of 
years worked multiplied by a certain amount of money. This formula does 
not account for a changing marketplace and does not result in the most 
benefit for workers.
  Today, a retirement plan must be as dynamic as our society. 
Flexibility for employers and employees is imperative, and the Pension 
Protection Act is a step in the right direction; and Congress should 
pass it this year.
  I urge my colleagues, Republicans and Democrats, to step up and help 
provide this needed reform now. Americans expect us to solve difficult 
problems, and pension protection is one that requires and deserves our 
attention.

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