Political Quotes

“I support the amendment, cash balance pension conversion completely reverses the incentive older workers now have. Under cash balance pensions, workers have hypothetical retirement accounts that grow by earning interest. The longer a worker stays with the company the larger effect of this compound interest; therefore, an older worker with only 10 years left before retirement does not have as much time as a younger worker with 25 years before retirement in which to earn interest. So this older worker will retire with a smaller retirement than a younger worker will when he retires. That just is not fair. This amendment would compel compliance with the laws saving many American workers from losing the pensions they work for and halting the illegal and unethical conversion of workers pension to cash balance plans.”