John Larson: “I rise in opposiiton to the so-called Pension Protection Act and in support of the Democratic motion to recommit. There…”

“I rise in opposiiton to the so-called Pension Protection Act and in support of the Democratic motion to recommit. There is no question that our Nation is facing a pension crisis. Over 34 million American workers currently rely on the benefits they receive from a defined benefit pension plan to make ends meet. Yet, with the growing number of corporations cutting pension benefits or declaring bankruptcy, people are increasingly concerned about their retirement security. More and more, American workers are facing the prospect of seeing their employers use our Nation's bankruptcy laws to back out of their pension promises and turning their obligations over to the Pension Benefit Guaranty Corporation (PBGC)--which only partially funds promised benefits. Unfortunately, the bill before us today is a missed opportunity to provide American workers with real pension protection. H.R. 2830 makes significant changes to the rules for defined benefit pension plans, increases the premiums that companies pay into the PBGC, and does nothing to prevent companies from dumping their pension obligations on American taxpayers. According to the Chief Investment Officers of over sixty percent of our Nation's largest pension plans, these likely will lead to cuts or terminations of existing plans.…”