Congressman Gerlach today praised the House’s passage of H.R. 2830, the Pension Protection Act of 2005.
“The legislation we passed today contains long overdue reforms of our pension laws,” Rep. Gerlach said. “The bill will protect the pensions of employees and retirees and prevent taxpayers from having to bail out the Pension Benefit Guaranty Corporation because some companies have failed to adequately fund their pension plans.
The Pension Protection Act 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; and
* Make commonsense modifications to defined contribution laws to encourage greater personal savings for retirement and other needs.
