Political Quotes

“I will offer an amendment that will put money back where it belongs: into the pockets of retirees who earn those dollars and who will spend those dollars. Our amendment would drive economic activity and confront a policy that has blindsided too many American retirees--retirees from all over the country, from many sectors of our economy. Mr. President, 44 million Americans rely on the Pension Benefit Guaranty Corporation--PBGC--to protect their retirement income in today's volatile economic climate. When pension plans are terminated, the PBGC steps in. Six hundred forty thousand Americans are covered under the Pension Benefit Guaranty Corporation. It is a crucial institution to maintaining a decent standard of living for American retirees. But in administering pension plans, the PBGC can pay out benefits for years, based on preliminary estimates of the guaranteed amount. Determination of the final benefit amount routinely takes several years to calculate and sometimes results in 'overpayments.'”