Rob Andrews: “this bill offers much to recommend in improving pension law. In particular, I applaud the inclusion of relief for…”

“this bill offers much to recommend in improving pension law. In particular, I applaud the inclusion of relief for multi-employer plans and the clearing up of some of the contradictions and ambiguities around hybrid defined benefit plans. But I must rise in opposition to this bill for two reasons. The first is that the bill makes a mistake that the majority said from the very outset it did not want to make, which was to favor one industry over another in affording relief for single-employer plans. Not only does this bill afford more protection for some industries over others, but within an industry, within the airline industry, it exhibits I believe unwise favoritism for some airlines over others. The majority started this process by saying it did not want to choose winners and losers among industries. What in fact I believe it has done is to choose winners and losers within an industry, which I think is unwise and a bad precedent to set. Secondly, I must rise in opposition to this bill because of its procedural irregularity. There is a conference which was seated several months ago that is dealing with these issues. What is before us tonight is a brand-new bill, not a conference report. This does not recognize months of negotiation between the two Houses and between the two parties. It is a brand-new bill that starts without anyone I think truly vetting or understanding. And I must say that my Democratic colleagues who are conferees on this bill, Mr. Miller, Mr.…”