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

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 .  

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