FOR IMMEDIATE RELEASE December 15, 2005

CONTACT: Brendan Daly/Jennifer Crider 202-226-7616

Pelosi: Republican Pension Bill Will Increase Retirement Insecurity for Millions of Americans

Washington, D.C. – House Democratic Leader Nancy Pelosi released the following statement today on the Republican pension bill that that passed today and will worsen the crisis in the private pension system and increase the chances that American workers will lose pension benefits:

“Once again, the Republican majority has passed a deeply flawed bill by negotiating side deals, rather than truly addressing the challenges facing American workers concerned that they will not receive the pension they were promised and earned. 

“First Republicans went after Americans’ jobs, then their Social Security benefits, and now their pensions. 

“This pension bill will increase retirement insecurity for the 34 million Americans who are covered by a traditional pension.  Employers will be more likely to cut the pension benefits of their workers, or even worse, dump their pension obligations on the federal government with the American taxpayer picking up the tab. 

“Democrats proposed protecting guaranteed pension benefits, ensuring that CEOs and rank-and-file employees are treated equitably, all while being fiscally responsible with taxpayers’ dollars.”

“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”

Democratic Leader Nancy Pelosi