08.04.06

Cantwell Helps Protect Pensions for Workers

Senate Approves Pension Protection Act to Make Sure Companies Can Pay Pensions They Promised to Workers

WASHINGTON, DC – U.S. Senator Maria Cantwell (D-WA) applauded the Senate’s overwhelming approval late Thursday night of comprehensive, bipartisan pension protection legislation. The legislation, which would help make sure Americans receive their guaranteed pension benefits without saddling taxpayers with the burden, passed on a 93-5 vote.

“Workers should be able to count on the retirement benefits their employers promised,” said Cantwell, a member of the Senate Commerce and Small Business Committees. “Drastic cuts to pension benefits are not an option. The rules of our current pension system are failing too many Americans who have worked with pride for decades to make their companies successful and our economy strong. The bill we passed will help companies keep their promises to their employees and help deliver the stable retirements hard-working Americans deserve. I look forward to the president signing this bipartisan law as soon as possible.”

The Pension Protection Act, passed Thursday night by the Senate, would increase pension plan funding standards, helping to ensure that companies can deliver retirement benefits to their retirees, and make needed rule changes to help employers get their plans back into good health. By strengthening the security of company pension plans, the legislation ensures that funds are available to pay the earned benefits for 34 million American workers and retirees. In response to recent company collapses like Enron, the legislation gives workers more information about their pension security. It also provides new incentives for retirement savings and security by promoting 401(k) plans and other retirement security measures. The legislation has been approved by both the House and the Senate and will now go to the president for his signature.

Cantwell has long fought to make sure America’s workers get the pensions and health care they have earned. She has worked to protect pension plans, and joined a coalition of senators earlier this year to propose a new health insurance program for America’s small businesses. The Cantwell-championed Small Employers Health Benefits Program lets small businesses join together to leverage their purchasing power and make health care more affordable for their employees.

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