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FOXX VOTES TO PROTECT PENSIONS OF WORKERS, RETIREES

Washington, DC, December 15, 2005
This afternoon, United States Rep. Virginia Foxx (N.C.-5) voted to pass H.R. 2830, the Pension Protection Act of 2005. The bill will protect and secure pensions of current workers and retirees and will help place the Pension Benefit Guarante

FOR IMMEDIATE RELEASE
CONTACT: Amy Auth
202-225-2071

This afternoon, United States Rep. Virginia Foxx (N.C.-5) voted to pass H.R. 2830, the Pension Protection Act of 2005. The bill will protect and secure pensions of current workers and retirees and will help place the Pension Benefit Guarantee Corporation on sure footing so a costly bailout by all taxpayers can be avoided.

“Far too often we’ve seen hard-working Americans contribute money into a pension plan only to find their benefits dwindle or depleted entirely,” said Rep. Foxx. “We must find ways to ensure that employers act in good faith to keep their promises to their retiring workers and I believe we have done so in this bill.”

The Pension Protection Act will:

  • Ensure employers properly and adequately fund their worker pension plans;
  • End excessive compensation for executives if an employer plan is severely under funded;
  • 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

“The two most important parts of the Pension Protection Act are provisions to require more accountability and provisions that ensure fiscal responsibility,” said Rep. Foxx. “This bill strengthens current law and requires more accountability on the part of employers in funding their workers’ benefit plans. It requires employers to put more cash contributions into worker pension plans. It closes loopholes allowing under funded plans to skip pension payments. And it calls for more transparency about the status of workers’ pension plans. How could anyone oppose instilling more accountability in the pension system?”

The Pension Protection Act is supported by a broad coalition of labor unions and employers like the United Auto Workers, the Brotherhood of Carpenters, the U.S. Chamber of Commerce, and the Financial Services Roundtable.

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