Russ Feingold: “I will vote against the Pension Protection Act. While there are many constructive provisions in the bill, the package is…”

“I will vote against the Pension Protection Act. While there are many constructive provisions in the bill, the package is deeply flawed in at least two respects. First, it will add to our already massive government debt. Thanks in large part to the expensive tax provisions that were added, the legislation will add another $66 billion over the next 10 years to the already massive debt with which we are burdening our children and grandchildren. To add insult to that injury, most of that cost stems from savings incentive provisions that overwhelmingly benefit those who least need it. The provisions that raise the contribution limits on tax-preferred savings accounts benefit only 1 in 16 households, and only 1 in 100 households with incomes under $50,000. If we want to encourage more savings, and we should, there are far better ways to do it. The second matter that raises significant concerns is the so-called red zone provision which permits pension plans to cut the vested pension benefits of workers. Allowing a worker's vested benefits to be cut is unprecedented and grossly unfair. If workers are told that they may take early retirement at a certain level of earned pension, that promise should not be broken. But under this bill, the financial future on which some families were planning can now come crashing down on them. Retirement benefits which were promised to them and on which they were relying may now be taken away.…”