We commend Senator Casey for his leadership in this matter and his co-sponsors for their support.

With respect to the Central States Fund, which will benefit under my bill, the average annual benefit is just over $13,000.

I think we've made the point, by way of two or three different examples.

the partition proposal, as set forth in Senator Casey's bill, will preserve jobs, preserve retirement security, and protect the employers in our plan.

We appreciate Senator Casey's leadership in calling attention to the situation facing some multiemployer plans.

We think Senator Casey's proposal to update the PBGC's partition authority is a remedy for this plan.

earlier this year, Senator Casey introduced the Create Jobs and Save Benefits Act of 2010.

So, it's pretty rare.

This bill is about jobs--maintaining jobs and creating jobs!

I hope we'll be hearing more from that.

We appreciate Senator Casey's leadership in calling attention to the situation facing Central States.

For workers and retirees, defined benefit plans provide the best type of retirement security.

That's a stunning statement, after some of the things we've been listening to this week, that somehow--I think there was one publication that referred to these as, 'gold-plated.' That's actually below the poverty level for a family of two…

I'm proud to have introduced Senate bill 3157, the Create Jobs and Save Benefits Act, which I believe contains within it a strategy to deal with a very real problem and a very real threat to job creation and job preservation in the near…

the legislation proposed by Senator Casey would deal with this legacy-cost problem in a few vital but financially stressed industries

The multiemployer plans to which we have been contributing have suffered significant investment losses.

that is simply not the case

I think, honestly, the most important thing that Congress can do to help preserve these plans for the future is to work to deal with some of these structural problems that Senator Casey's bill identifies.

I'm a strong supporter of theirs. Very few that I could point to are stronger supporters.

They are a true automatic pilot mechanism for employees to prepare for retirement.

this is not only a matter of fair treatment of all participants in the pre-partitioned plan, but also provides important protections for the PBGC.

defined benefit plans are the best type of retirement vehicle

We face a worsening demographic challenge, as fewer workers support the pension obligations of more and more retirees.

That gives some background on the nature of what's in the plan.

Currently, the maximum PBGC guaranteed benefit is approximately $13,000 for 30 years' service, compared with $54,000 for workers who retire at age 65 in single employer plans.