WASHINGTON – Rep. Thaddeus McCotter (MI-11) said the House’s passage of the Pension Protection Act of 2006 as good news for America’s workers and retirees.
The legislation protects the pensions of employees and retirees and prevents taxpayers from having to bail out the Pension Benefit Guaranty Corporation. The bill also contains important provisions to encourage Americans to save for retirement. Specifically the legislation will do the following:
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Ensure employers properly and adequately fund their worker pensions plans
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Protect taxpayers from costly bailouts of the Pension Benefit Guaranty Corporation
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Require companies to provide more information to workers about the status of their pension plans
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Maker commonsense modifications to defined contribution laws to encourage greater personal savings for retirement and other needs
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