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House Proceeding 04-06-06 on Apr 6th, 2006 :: 5:54:34 to 5:57:34
Total video length: 6 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Robert E. Andrews

5:52:11 to 5:54:34( Edit History Discussion )
Speech By: Robert E. Andrews

Robert E. Andrews

5:54:27 to 5:54:34( Edit History Discussion )

Robert E. Andrews: instruct and yield back the balance of my time. the speaker pro tempore: the gentleman yields the balance of his time. the gentleman from california, mr. mckeon. mr. mckeon: i yield such time as

John Kline

5:54:34 to 5:54:45( Edit History Discussion )

John Kline: he may consume to the gentleman from minnesota, a member of the committee, mr. kline. the speaker pro tempore: the gentleman from minnesota, mr. kline, is recognized. mr. kline: i thank the

John Kline

5:54:34 to 5:57:34( Edit History Discussion )
Speech By: John Kline

John Kline

5:54:45 to 5:55:00( Edit History Discussion )

John Kline: gentleman for yielding the time. in all of the days and weeks and months that we, in the committee, were debating the state of pensions, defined benefit pensions, it was clear, i think,

John Kline

5:55:00 to 5:55:09( Edit History Discussion )

John Kline: to all of us that we're losing those plans, more and more employers are either going out of business, going into bankruptcy, terminating their plans, or simply not starting them. as has been pointed

John Kline

5:55:09 to 5:55:25( Edit History Discussion )

John Kline: out, we passed in the house -- i think the gentleman from california called it a republican bill, but it was, in fact, a bipartisan bill with 70 democrats joining us in that vote, including provisions

John Kline

5:55:25 to 5:55:39( Edit History Discussion )

John Kline: for these hybrid and cash balance plans. my fear is that as we put mandates, more and more mandates on employers, we will lose more and more plans. without some legal certainty from congress,

John Kline

5:55:39 to 5:55:51( Edit History Discussion )

John Kline: employers will stop offering these benefits and cash balance plans will simply fall by the wayside, like so many other pension options. this democrat motion and the senate bill mandate particular

John Kline

5:55:51 to 5:56:09( Edit History Discussion )

John Kline: pension benefits which could have a devastating effect of accelerating the demise of the defined benefit pension system, and i don't think any of us want that. consider that in 1986, there

John Kline

5:56:09 to 5:56:20( Edit History Discussion )

John Kline: were 172,642 -- 172,642 defined benefit pension plans, and that number dropped to 29,000 in recent years. that's the wrong direction. greater mandates on employers will only increase this trend. mandates

John Kline

5:56:20 to 5:56:32( Edit History Discussion )

John Kline: would create enormous problems for employers. for example, a mandate would determine pension designs instead of allowing employers to decide what is proper for individual businesses. and that would

John Kline

5:56:32 to 5:56:43( Edit History Discussion )

John Kline: result in more plan freezes and terminations if employers are denied the flexibility to adapt their plans to business circumstances an employee needs. again, we're faced with the specter of more

John Kline

5:56:43 to 5:56:53( Edit History Discussion )

John Kline: and more plans going away. employers should be encouraged to offer pension plans, and the government should not mandate the vehicle in which to offer such benefits to their employees. mandating

John Kline

5:56:53 to 5:57:07( Edit History Discussion )

John Kline: a particular type of conversion would be harmful to workers. mork workers receive higher benefits from their cash balance plan than benefits under the traditional defined benefit plan.

John Kline

5:57:07 to 5:57:18( Edit History Discussion )

John Kline: but in any case, we want a solid pension plan in more businesses for more workers, and my concern is that this motion to instruct and the senate provision would work the other way. let's not

John Kline

5:57:18 to 5:57:23( Edit History Discussion )

John Kline: drive out more pension plans. so i urge my colleagues to reject this motion to instruct, and i yield back. the speaker pro tempore: the gentleman yields back the balance of his time to mr. mckeon.

John Kline

5:57:23 to 5:57:34( Edit History Discussion )

John Kline: the gentleman from california, mr. miller. mr. miller: i yield myself 30 seconds. i would just say that this is about whether or not we continue in the direction that the republican pension

George Miller

5:57:34 to 5:57:44( Edit History Discussion )

George Miller: bill takes us, where the pension guarantee corporation said the bill made the system less secure, where the congressional budget office said it made the system less secure, and now what we don't

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