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Compliance December 13, 2005
UAW Support Secured for House Pension Reform Bill
December 13, 2005 (PLANSPONSOR.com) - House
Education & the Workforce Committee Chairman John Boehner
(R-Ohio) and Ways & Means Committee Chairman Bill Thomas
(R-California) today announced an agreement with the United
Auto Workers (UAW) on two modest changes to the transition
rules governing benefit restrictions included in the Pension
Protection Act.
Reported by Rebecca Moore
In their joint statement , Boehner and Thomas said, “This morning, we reached an agreement with the United Auto Workers that will secure their active support for House passage of the Pension Protection Act.”
According to the statement, “This agreement addresses their concerns on benefit restrictions and shutdown benefits and remains consistent with the bill’s overall balanced approach of protecting worker and retiree pension assets while not forcing employers out of the defined benefit pension system our bill aims to strengthen.”
The statement says the House is expected to pass the bill before it adjourns this year.
The bill, introduced in June, was passed by the Education & the Workforce Committee on June 30, and by the Ways & Means Committee in November (See US House Pension Reform Measure Approved by Key Committee).
The Profit Sharing/401(k) Council of America strongly supports the House bill due to key DC plan provisions included in the measure (See PSCA Pushes for DC Provisions in House Pension Reform).
Provisions of the Pension Protection Act (HR 2830) can be viewed here .