[Congressional Record (Bound Edition), Volume 152 (2006), Part 2] [Senate] [Pages 2153-2154] [From the U.S. Government Publishing Office, www.gpo.gov]APPOINTMENT OF CONFEREES ON PENSION REFORM Mr. REID. Mr. President, employer-sponsored pension plans have been a critical part of employment security for America's workers. Over 40 million Americans rely on these pension plans that promise a monthly retirement benefit for life. Increasingly, the retirement security offered by pension plans is at risk, and more and more employers opt out of offering pension plans because of increased costs and growing administrative difficulties. Further complicating the situation is the fact that the agency that insures workers' pensions, the Pension Benefit Guaranty Corporation, faces huge deficits as a result of the termination of pension plans throughout the country. These pension plans were maintained by companies in the troubled steel and airline industries. For all these reasons and more, we know that Congress must act on pension reform legislation so employees can continue to count on the retirement security provided by employer-sponsored pension plans. That is why Senate Democrats strongly supported pension reform legislation and were eager to go to conference on this bill. We recognize this is an important bill and strongly believe the Senate and House must get to work immediately to hammer out the compromises necessary to produce a final bill. Senators agree. I think, from our perspective, we are united, Democrats and Republicans. Senate Democrats believe we can and should name conferees right now, this morning, and send the bill to the House so they can name their conferees. Nevertheless, some recent press reports on the status of the pension reform bill have suggested that Democrats are preventing this bill from moving to conference. I wish to take a few minutes and correct this record. We strongly support the improvements this legislation will bring to our private pension system. We support improvements this legislation will bring, improvements to our private pension system. We want to improve pension funding so employees will know their employer's pension promise will be fulfilled. Democrats believe it is important to provide certainty to employers who are trying to plan their pension costs. Democrats believe it is important to clarify the rules governing cash balance pension plans so older workers are protected. Democrats believe it is important we act quickly to provide relief to those airlines that want to maintain their pension plans but need some time to [[Page 2154]] recover from the downturn following the attacks of 9/11. Democrats believe it is imperative that we shore up the finances of the PBGC. In other words, Democrats want this bill to go to conference today, and we can do that if the majority will agree to a reasonable number of conferees. Throughout this process, Senate Democrats have worked closely with Republicans to move pension reform legislation in an expedited manner. The pension reform bill was reported by the Finance Committee by voice vote on July 26 of last year. The HELP Committee reported the bill on September 28 by a vote of 18 to 2. After consideration, the two committee bills had to be reconciled into one proposal. Senators Enzi, Grassley, Kennedy, and Baucus worked long and hard on a bipartisan basis to produce that legislation. At each step during this process, Democrats worked with the Republicans to produce a bipartisan bill. When it came time to consider the bill on the Senate floor, Democrats again worked to move this legislation forward. Senate Democrats worked with the majority leader to reach agreement on a limited number of amendments. Democrats also worked to limit debate so the bill could move forward. Democrats did not have to forego their rights to offer amendments to the pension bill, but we did. Democrats didn't have to forego their rights to debate issues raised by this legislation, but we did. There are any number of steps that can be taken to slow down the progress of legislation if a Member of the Senate is so inclined. Democrats have not chosen to take any of these steps and are not choosing to take any of these steps now. We are eager to go to conference on this legislation and we are not contesting the Republicans' desire to have a two-vote advantage in the conference. The majority leader set the margin at 7 to 5. We believe fairness is 8 to 6. All we are asking is that each committee which is a party to this legislation be adequately represented. We believe that appointing 14 conferees in a ratio of 8 to 6 gives the Senate the best opportunity to bring back a bill from the conference that will garner strong support by the Senate. The majority leader has said he will go 9 to 6. That is not fair, to have a three-vote advantage. I urge the majority to consider its opposition to our very reasonable request so we can get to work on this legislation. Together we can improve our Nation's pension system and make America better. Mr. President, simply it is this: Are we going to go to conference on this bill? We want to go. Arbitrarily, the majority leader said it will be a 7-to-5 ratio. We wanted 8 to 6. We will go to conference right now. It doesn't seem fair. We are not holding up the conference. We are not holding up the conference as indicated by the fact that we are willing to go from 7 to 5 to 8 to 6. The distinguished Senator from Tennessee comes back with the suggestion that, well, we will go 9 to 6. That isn't fair. We want to go to conference, but we want at least to have a semblance of fairness. We are willing to go with the two-vote margin but not three votes. ____________________