Act Will Safeguard Pension Benefits for Workers, Retirees
Rep. Howard P. "Buck" McKeon (R-CA) today hailed the House’s passage of the Pension Protection Act of 2006 as good news for America’s workers and retirees.
"Millions of employees and retirees around our nation are suffering because of our nation’s outdated pension laws," McKeon said. "Reform of our broken system is long overdue. The legislation we passed today will protect the pensions of employees and retirees and prevent taxpayers from having to bail out the Pension Benefit Guaranty Corporation. Men and women who have worked hard their whole lives should not have their retirements jeopardized by mismanagement – the bill we’re passing today will help ensure that their pensions are secure.
"This bill also contains important provisions to encourage Americans to save for retirement. With household savings at an all-time low – and many Americans not saving enough for a secure retirement – the incentives in this bill will encourage Americans to reverse this trend." H.R. 4, the Pension Protection Act of 2006, takes a balanced approach to comprehensive pension reform. Specifically, the act will do the following:
* Ensure employers properly and adequately fund their worker pension plans
* Protect taxpayers from costly bailouts of the Pension Benefit Guaranty Corporation
* Require companies to provide more information to workers about the status of their pension plans
* Make commonsense modifications to defined contribution laws to encourage greater personal savings for retirement and other needs.