Congressman Cole Votes to Protect Worker's Pensions

WASHINGTON – Congressman Tom Cole voted yesterday evening for the Pension Protection Act (H.R. 4) which passed in the House. This legislation addresses the problem of under-funded pension plans and takes a balanced approach to comprehensively reforming outdated pension laws.

“In recent years we have seen companies abuse the pension system--leaving workers empty handed. People work very hard for years to earn a pension and they deserve for it to be protected," Congressman Tom Cole said. "This legislation makes much needed reforms to ensure workers will receive the pensions they were promised."

H.R. 4 ensures employers properly and adequately fund their worker pension plans and requires companies to provide more information to workers about the status of their pension plans.

The bill will protect the pensions of employees and retirees and prevent taxpayers from having to bail out the Pension Benefit Guaranty Corporation because some companies have failed to adequately fund their pension plans. The legislation will also make commonsense modifications to contribution laws to encourage greater personal savings for retirement and other needs.

This legislation must now pass in the Senate.

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