Tom Harkin: “right now companies are changing pension plans. They are going from defined benefit plans to these cash balance plans.…”

“right now companies are changing pension plans. They are going from defined benefit plans to these cash balance plans. That is OK. This amendment doesn't stop that. But what is happening now is workers who have worked at these companies for sometimes 20 or 25 years have their pensions degraded. There are 5 to 7, and sometimes as many as 10, years when nothing is put into their pension plans. The younger workers are getting money paid into their pensions and the older workers are not. This amendment says that if they change pension plans they can not discriminate against the older workers, and the companies have to put into the older workers' pension accounts whatever they are putting into the younger workers' pension accounts so that we don't have this kind of wear away for 5 or 7 years when older workers are denied their pension benefits.”