Republicans Plan Pension Reform Bill
National Underwriter (Life and Health Financial Services (01/19/04) ; Bell, Alison
GOP lawmakers in the House are crafting new legislation to
fortify the defined benefit pension system. Ohio Republican and
Education and the Workforce House Committee Chairman John Boehner has
suggested the legislation will prevent employers from being able to make
guarantees for pension benefits and resist efforts to funnel public
support to the Pension Benefit Guaranty Corp. (PBGC). Rep. Sam Johnson
(R-Texas), chairman of the Workforce Committee's subcommittee on
Employer-Employee Relations, has been working to slow the efforts of
some employers and labor groups to persuade the government to shore up
the PBGC. Johnson says companies need to stop making pledges they
cannot keep "instead of trying to shift additional risk to taxpayers."