House passes pension reform bill

[cal04]

The House approved an ambitious overhaul of the nation's pension laws late Friday, hoping to prolong the traditional employer-based pension plans relied upon by millions while also promoting new savings options and protecting the government from future taxpayer bailouts.

The reforms in the bill "represent the most sweeping changes to America's pension laws in more than 30 years," said House Majority Leader John Boehner, R-Ohio.

He said the bill "will ensure that workers and retirees can continue to count on their hard-earned pension benefits."

The 279-131 vote came only hours before the House was expected to begin a five-week summer break.

(snip)
Opponents, mainly Democrats, said the bill did too little to prevent employers from eliminating their defined-benefit plans and favored some industries over others.

http://news.yahoo.com/s/ap/20060729/ap_on_go_co/congress_pensions

[Monkeyman]

1. Say good bye to your retirement

[napi21]

2. I want to read the bill they passed. I watched some of the

deliberation, and I really couldn't tell who wanted what for whom!

All I kept hearing was fairness between airlines, and one shouldn't get preferential treatment, and I heard NO specifics at all!

I even heard several Texas Pugs who were against passing it, so I'm going to wait ans see exactly what they did!

[papau]

3. Details below - at least I think these are in the bill! :-)

* 2008 effective date
* a three-year transition period for a rule that would require unfunded plan liabilities to be amortized over seven years, applied to pension plans that are at least 93% funded
* no transition period for plans that are less than 93% funded
* longer transition period for airlines
* allowing investment advice from retirement plan vendors
* sanctioning hybrid pensions, but only prospectively
* safe harbor for 401(k) automatic enrollment (if employer matches employee contributions and allows two-year vesting)
* permanent viability for Roth 401(k)s
* making EGTRRA provisions permanent
* permitting employers to take money out of a pension plan and spend it on retiree health care, if the plan is at least 115% funded
* increased 401(k) portability
* credit balances not counted under the plan's assets
* smoothing interest rates over two years
* ending the "use-it-or-lose-it" rule for flexible spending accounts.

[cal04]

4. roll call vote

H R 4 RECORDED VOTE 28-Jul-2006 11:34 PM
QUESTION: On Passage
BILL TITLE: Pension Protection Act

http://clerk.house.gov/evs/2006/roll422.xml

[Wwagsthedog]

5. Guess 25 of those clowns couldn't bother to vote. nt

[antigop]

6. The House leadership invoked "martial law" to get it passed

They brought the bill up for a vote sight unseen!

And 76 Dems voted for it.

See
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2420867