Washington, DC: Today Senator Kennedy and Senator Enzi put before the HELP committee the Defined Benefit Security Act - a bipartisan measure to bring retirement security to millions of Americans. The bill requires companies to protect their pensions with rules that are fair and predictable and includes needed changes to help avoid the danger of plans that are terminated.
The bill also includes a provision to help the companies impacted by Katrina by giving the Secretaries of Labor and Treasury and the PBGC authority to postpone filing and payment deadlines for pension plans affected by Katrina.
Senator Kennedy said, “ Millions of hardworking Americans find their retirement increasingly in jeopardy. Social Security is under attack, private pensions have been battered by a weak economy, low interest rates, and the stock market, and private savings are at historic lows. And now the devastation of Hurricane Katrina has torn apart the job security that millions had depended on. Now more than ever, workers deserve the support of Congress to preserve their hard-earned pensions - and this bipartisan legislation will do just that." #
