Political Quotes

“I support H.R. 3108 as a temporary response to a pressing issue that ultimately affects the retirement benefits of millions of American workers, their families, and beneficiaries. Today the House will protect the benefits of those workers who have a pension benefit under our defined benefit system. The Pension Funding Equity Act would replace the current standards that employers must use to determine their pension liabilities--the 30-year Treasury bond interest rate--with a corporate bond index rate for 2 years through December 31, 2005. The 30-year Treasury bond interest rate is set to expire this year, jeopardizing pension funds across the country. The bill gives the Treasury Department the flexibility to establish the discount interest rate based on a blend of corporate bond index rates. This change will provide employers with greater certainty and short-term funding relief and strengthen defined benefit pension plans workers in the short term while Congress takes a broader look at the defined benefit system as a whole and the issues that affect the retirement security of American workers.”