Reply #5: Top 10 Problems with the Republican Pension Bill

[antigop]

George Miller, ranking minority leader on the House Education and Workforce Committee, is against this bill. He listed the problems with it:

http://edworkforce.house.gov/democrats/pdfs/HR2830problems.pdf

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7. The Republican Bill Legalizes Cash Balance Plans Without Worker Transition Protections. The GAO recently reported that without older worker protections over 85% of younger workers and over 90% of older workers would lose expected pension benefits if a defined benefit plan were converted to a cash balance plan. The Republican bill legalizes cash balance plans without protections for long serving employees. Over 8 million workers have been affected by cash balance conversions and many have filed claims with the EEOC and courts for redress.
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Also, the Republicans would not allow the Democrats to put forth their alternative:

http://www.house.gov/apps/list/press/ed31_democrats/rel121505.html

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Last night, in a spectacularly undemocratic and corrupt action, Republicans on the House Rules Committee refused to allow a Democratic alternative to the Republican bill to be brought up for a vote on the House floor today. As a result, the House will only have the opportunity to vote on the Republican bill and on a “motion to recommit” the bill back to committee.

“Republican leaders are not interested in open debate, good public policy, or even democracy,” said Representative George Miller (D-CA), the senior Democrat on the House Education and the Workforce Committee and a co-author, along with Representative Charles Rangel (D-NY), of the Democratic alternative legislation on pensions that was denied a vote today. “They are only interested in imposing their will on the country, regardless of whether it’s what’s best for most Americans. Their pension bill will put the retirement nest eggs of millions of Americans at greater risk.”
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