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WASHINGTON, DC -- Today the U.S. House of Representatives passed the Pension Protection Act, legislation reforming employer-sponsored defined benefit and contribution pension plans. The bill includes Congressman Wu's amendment restoring plant shutdown benefits for workers. As introduced, the bill eliminated those benefits that mitigate the financial shock families face when a plant suddenly closes.
"When workers are suddenly facing the financial burden and uncertainty of unemployment, you don't send them home empty handed," stated Congressman Wu. "I am pleased that my colleagues ultimately saw the fairness of this approach."
The U.S. House of Representatives debated pension reform in response to the thousands of jobs and billions of dollars of retirement savings lost in the wake of stock market crashes and major corporate bankruptcies in recent years. As a member of the House Committee on Education and the Workforce, Congressman Wu worked to ensure pension reform is appropriately addressed and that plans continue to be a reliable source of retirement income.
Congressman Wu continued, "I recognize the vast majority of companies have diligently paid into their pension plans and have worked to ensure their workers are provided for in their retirement years. However, Americans have witnessed one of the realities of a downturn in the economy: the instability of employer-sponsored pension plans. Reform was necessary to protect hard working Americans who ultimately pay the price."
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