Reply #11: It's a Trojan horse -- it allows cash balance pension conversions [View All]

[antigop]

George Miller (minority leader of the House Education and Workforce Committee) put up a fight to include older worker protections in the conference committee bill. See a transcript of his speech http://edworkforce.house.gov/democrats/statements/statement72006.html
Video is at http://edworkforce.house.gov/democrats/media/cspan7202006.wmv

Older worker protections were NOT included in the bill.

The Pension Rights Center will issue this release concerning the bill:
http://www.pensionrights.org/news/press/Pension-Protection-Act-of-2006-signing.pdf


What is particularly infuriating is the most of the Senate Dems voted for this pos bill.
Thank God for Feingold and Boxer who voted NO.

Senate roll call: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=2&vote=00230

House roll call: http://clerk.house.gov/evs/2006/roll422.xml

IMO, the only thing the bill protects is executive pensions. It's a royal screw job for working Americans, especially older workers. The bill legalizes cash balance pensions and what I think will happen is that companies will convert to a cash balance plan, screwing workers in the process, and then freeze the plan.

The Senate Dems rolled over on this one and sold us out. I am no longer a fan of Ted Kennedy.