[Congressional Record (Bound Edition), Volume 152 (2006), Part 2]
[Senate]
[Pages 2153-2154]
[From the U.S. Government Publishing Office, www.gpo.gov]




               APPOINTMENT OF CONFEREES ON PENSION REFORM

  Mr. REID. Mr. President, employer-sponsored pension plans have been a 
critical part of employment security for America's workers. Over 40 
million Americans rely on these pension plans that promise a monthly 
retirement benefit for life. Increasingly, the retirement security 
offered by pension plans is at risk, and more and more employers opt 
out of offering pension plans because of increased costs and growing 
administrative difficulties. Further complicating the situation is the 
fact that the agency that insures workers' pensions, the Pension 
Benefit Guaranty Corporation, faces huge deficits as a result of the 
termination of pension plans throughout the country. These pension 
plans were maintained by companies in the troubled steel and airline 
industries.
  For all these reasons and more, we know that Congress must act on 
pension reform legislation so employees can continue to count on the 
retirement security provided by employer-sponsored pension plans. That 
is why Senate Democrats strongly supported pension reform legislation 
and were eager to go to conference on this bill. We recognize this is 
an important bill and strongly believe the Senate and House must get to 
work immediately to hammer out the compromises necessary to produce a 
final bill.
  Senators agree. I think, from our perspective, we are united, 
Democrats and Republicans. Senate Democrats believe we can and should 
name conferees right now, this morning, and send the bill to the House 
so they can name their conferees. Nevertheless, some recent press 
reports on the status of the pension reform bill have suggested that 
Democrats are preventing this bill from moving to conference.
  I wish to take a few minutes and correct this record. We strongly 
support the improvements this legislation will bring to our private 
pension system. We support improvements this legislation will bring, 
improvements to our private pension system. We want to improve pension 
funding so employees will know their employer's pension promise will be 
fulfilled. Democrats believe it is important to provide certainty to 
employers who are trying to plan their pension costs. Democrats believe 
it is important to clarify the rules governing cash balance pension 
plans so older workers are protected. Democrats believe it is important 
we act quickly to provide relief to those airlines that want to 
maintain their pension plans but need some time to

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recover from the downturn following the attacks of 9/11. Democrats 
believe it is imperative that we shore up the finances of the PBGC.
  In other words, Democrats want this bill to go to conference today, 
and we can do that if the majority will agree to a reasonable number of 
conferees. Throughout this process, Senate Democrats have worked 
closely with Republicans to move pension reform legislation in an 
expedited manner. The pension reform bill was reported by the Finance 
Committee by voice vote on July 26 of last year. The HELP Committee 
reported the bill on September 28 by a vote of 18 to 2. After 
consideration, the two committee bills had to be reconciled into one 
proposal. Senators Enzi, Grassley, Kennedy, and Baucus worked long and 
hard on a bipartisan basis to produce that legislation. At each step 
during this process, Democrats worked with the Republicans to produce a 
bipartisan bill.
  When it came time to consider the bill on the Senate floor, Democrats 
again worked to move this legislation forward. Senate Democrats worked 
with the majority leader to reach agreement on a limited number of 
amendments. Democrats also worked to limit debate so the bill could 
move forward. Democrats did not have to forego their rights to offer 
amendments to the pension bill, but we did. Democrats didn't have to 
forego their rights to debate issues raised by this legislation, but we 
did. There are any number of steps that can be taken to slow down the 
progress of legislation if a Member of the Senate is so inclined. 
Democrats have not chosen to take any of these steps and are not 
choosing to take any of these steps now.
  We are eager to go to conference on this legislation and we are not 
contesting the Republicans' desire to have a two-vote advantage in the 
conference. The majority leader set the margin at 7 to 5. We believe 
fairness is 8 to 6. All we are asking is that each committee which is a 
party to this legislation be adequately represented. We believe that 
appointing 14 conferees in a ratio of 8 to 6 gives the Senate the best 
opportunity to bring back a bill from the conference that will garner 
strong support by the Senate.
  The majority leader has said he will go 9 to 6. That is not fair, to 
have a three-vote advantage. I urge the majority to consider its 
opposition to our very reasonable request so we can get to work on this 
legislation. Together we can improve our Nation's pension system and 
make America better.
  Mr. President, simply it is this: Are we going to go to conference on 
this bill? We want to go. Arbitrarily, the majority leader said it will 
be a 7-to-5 ratio. We wanted 8 to 6. We will go to conference right 
now. It doesn't seem fair. We are not holding up the conference. We are 
not holding up the conference as indicated by the fact that we are 
willing to go from 7 to 5 to 8 to 6.
  The distinguished Senator from Tennessee comes back with the 
suggestion that, well, we will go 9 to 6. That isn't fair. We want to 
go to conference, but we want at least to have a semblance of fairness. 
We are willing to go with the two-vote margin but not three votes.

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