Earl Pomeroy: “Colleagues, the bill contains language on disclosure for cash balance conversions advanced by the White House in…”

“Colleagues, the bill contains language on disclosure for cash balance conversions advanced by the White House in consultation with Congress last year. The motion should be defeated, because although it talks about mandating choice between defined benefit and cash balance, it says nothing about changing the pension plan all together for a defined contribution plan or, worse, scrapping it all together. Those are much more serious options than moving from traditional defined balance to cash balance. Therefore, although well intended, this motion does not work. It should be defeated.”