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Washington, DC-- Today the U.S. House of Representatives passed H.R. 2830, 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, H.R. 2830 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 offered this amendment in committee and I am pleased that my colleagues saw the ultimate fairness of this approach."
The U.S. House of Representatives is debating 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 recognizes the vast majority of companies have diligently paid into their pension plans and have worked consistently 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. Hard working Americans ultimately pay the price and many have no alternative resources.
Differences between H.R. 2830 and the corresponding Senate bill, S. 1783, will now be resolved in conference.
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