“Half of the people who get up every day and go to work are not in a qualified pension plan,” Neal noted. And a major reason for this is that Neal voted to help kill pension plans back when George W. Bush was president with these two key votes:
Comprehensive Retirement Security and Pension Reform Act. This vote was on a motion to recommit with instructions. This proposal was to further protect workers’ assets when their company changes from a “defined-benefit” pension plan to a “cash-balance” plan. Workers in defined-benefit plans contribute a set percentage of their pay over many years to a pension fund and usually know in advance the value of their expected pension checks. But a growing number of companies were switching from defined-benefit to cash-balance plans, which, in effect, give workers a lump-sum payment of accrued assets. Critics said these conversions significantly devalue the pension. The amendment rejected by this vote sought to force companies to keep defined-benefit plans afloat for already-enrolled workers. H.R. 10, 153Y-276N, 5/2/01, Roll call 95. Neal voted: No
Pension Security Act of 2003. This bill provided employees with more leeway to manage defined-contribution pension plans such as 401(k) plans. Employees could sell the company stock in their pension plans three years after a contribution was made. Over five years, they could sell all company stock acquired in retirement plans before the bill’s enactment. Employers would be required to provide employees quarterly statements about their pension plans, and could provide them with access to professional investment advice, provided the adviser disclosed fees and potential conflicts of interest. A “yes” vote was in support of President Bush's position. H.R. 1000, 271Y-157N, 5/14/03, Roll call 189. Neal voted: Yes (Neal was the only member of the Massachusetts delegation to vote yes).
So for Neal to ride in on his white horse now as some kind of savior of pensions and retirement security is a bunch of crap.
Matt L. Barron
wrote on 2/4/2018 at 8:33:07 PM“Half of the people who get up every day and go to work are not in a qualified pension plan,” Neal noted. And a major reason for this is that Neal voted to help kill pension plans back when George W. Bush was president with these two key votes:
Comprehensive Retirement Security and Pension Reform Act. This vote was on a motion to recommit with instructions. This proposal was to further protect workers’ assets when their company changes from a “defined-benefit” pension plan to a “cash-balance” plan. Workers in defined-benefit plans contribute a set percentage of their pay over many years to a pension fund and usually know in advance the value of their expected pension checks. But a growing number of companies were switching from defined-benefit to cash-balance plans, which, in effect, give workers a lump-sum payment of accrued assets. Critics said these conversions significantly devalue the pension. The amendment rejected by this vote sought to force companies to keep defined-benefit plans afloat for already-enrolled workers. H.R. 10, 153Y-276N, 5/2/01, Roll call 95. Neal voted: No
Pension Security Act of 2003. This bill provided employees with more leeway to manage defined-contribution pension plans such as 401(k) plans. Employees could sell the company stock in their pension plans three years after a contribution was made. Over five years, they could sell all company stock acquired in retirement plans before the bill’s enactment. Employers would be required to provide employees quarterly statements about their pension plans, and could provide them with access to professional investment advice, provided the adviser disclosed fees and potential conflicts of interest. A “yes” vote was in support of President Bush's position. H.R. 1000, 271Y-157N, 5/14/03, Roll call 189. Neal voted: Yes (Neal was the only member of the Massachusetts delegation to vote yes).
So for Neal to ride in on his white horse now as some kind of savior of pensions and retirement security is a bunch of crap.