Political Quotes

“the significant pension underfunding problems that we face in this country have critical implications on the retirement security of American workers. Traditional defined benefit pension plans promise workers a set monthly benefit at retirement, and we have a responsibility to ensure that these important pension benefits for millions of American workers will be there when they retire. The tax extension package that we have before us today includes a key pension funding change that was included in the Pension Funding Equity Act, the bipartisan measure that passed the House previously on October the 8th. It would have replaced the current 30-year Treasury bond interest rate that is used by many employers to calculate the amount of money they must set aside in their pension plans with a blend of corporate bond index rates for the next 2 years, through 2005. Because the current fix expires at the end of 2003, there is an urgency on the part of employers, unions, and workers to address this issue.”