Harry Reid: “employer-sponsored pension plans have been a critical part of employment security for America's workers. Over 40 million…”

“employer-sponsored pension plans have been a critical part of employment security for America's workers. Over 40 million Americans rely on these pension plans that promise a monthly retirement benefit for life. Increasingly, the retirement security offered by pension plans is at risk, and more and more employers opt out of offering pension plans because of increased costs and growing administrative difficulties. Further complicating the situation is the fact that the agency that insures workers' pensions, the Pension Benefit Guaranty Corporation, faces huge deficits as a result of the termination of pension plans throughout the country. These pension plans were maintained by companies in the troubled steel and airline industries. For all these reasons and more, we know that Congress must act on pension reform legislation so employees can continue to count on the retirement security provided by employer-sponsored pension plans. That is why Senate Democrats strongly supported pension reform legislation and were eager to go to conference on this bill. We recognize this is an important bill and strongly believe the Senate and House must get to work immediately to hammer out the compromises necessary to produce a final bill. Senators agree. I think, from our perspective, we are united, Democrats and Republicans. Senate Democrats believe we can and should name conferees right now, this morning, and send the bill to the House so they can name their conferees.…”