Wilson Applauds Passage of the “Pension Protection Act”

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July 29, 2006

Wilson Applauds Passage of the “Pension Protection Act”

The House of Representatives last night approved H.R. 4, the “Pension Protection Act,” by an overwhelming vote of 279-131. Congressman Joe Wilson, a member of the House Committee on Education & the Workforce, made the following statement:

“Passage of the ’Pension Protection Act’ is a major win for American families and taxpayers. For too long, workers and retirees have faced uncertainty about the status of their pensions. They can now rest easy knowing their years of hard work will not be in vain.

“Additionally, CAFTA rule of origin changes included in the bill offer further protections for textile workers while ensuring American companies continue to compete in the global economy. I appreciate the Bush Administration’s work with Congress in bringing about these important safeguards.”

The “Pension Protection Act” ensures the federal government is not left with the bill when private companies default on their pensions, thus negatively affecting workers and taxpayers. This legislation establishes new funding requirements to ensure employers adequately and consistently fund their pensions, gives workers meaningful information about the financial status of their benefits, and protects taxpayers from a possible multi-billion dollar bailout of the Pension Benefit Guaranty Corporation (PBGC).

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