|
|
Judy on Pension Reform
Find here more information about the bill - and law - responsible for overhauling 30-year-old outdated pension laws.Reneging on pension promises to retirees is one of the most shameful and reprehensible practices, which is why we put an end to it with enactment of the Pension Protection Act.
This comprehensive pension reform bill:
Requires that employers make contributions to ensure plans are 100 percent funded;
Improves plan transparency so retirees will have more information about the health of their pension plan(s);
Stops the employer practice of promising increased benefits or new buy-out offers when a plan lacks the funds to pay benefits already earned by workers and retirees; and
Prohibits plans from paying for executive compensation plans when rank-and-file workers’ pension plans are severely under-funded.
Our 30-year-old pension laws were clearly outdated and jeopardized the pensions of millions of employees and retirees. The legislation we passed this year will protect the pensions of employees and retirees and prevent taxpayers from having to bail out the PBGC.”
I also want to repeal the Government Pension Offset (GPO) and Windfall Elimination Provision, both of which unfairly punish retired teachers, firefighters, police officers and other government workers and their spouses.
|
|
|
|