Johnny Isakson: “This amendment gives corporations two alternatives to accept, adopt, and smooth their obligation on pensions. It will…”

“This amendment gives corporations two alternatives to accept, adopt, and smooth their obligation on pensions. It will raise $3.5 billion against the debt. It will save the pensions of many Americans. I wish to acknowledge the leadership of Senator Baucus from Montana, Senator Grassley, and their staffs for helping us accomplish it. Also, let me thank my friend and colleague, Senator Cardin from Maryland, for his good work and cooperation on this issue. Senator Cardin has long been a leader on retirement issues. I recall in the House supporting a landmark retirement bill that bore his name: the Portman-Cardin Pension Reform Act of 2001. Almost 4 years ago, I was proud to support the Pension Protection Act of 2006. That piece of legislation adopted a stringent new funding regime for single employer defined benefit pension plans. It raised the full funding target to 100 percent, based the sponsor's contribution requirements on the funded status of the plan, encouraged pre-funding of pension funds through the recognition of credit balances, and included much-needed smoothing of both assets and liabilities.”