Fiscally responsible reforms for students, workers and retirees.
Retirement security is at the top of the Republican agenda. The continuing decline of the defined benefit pension system, Americans' savings losses amid the current financial downturn, and the ongoing fallout from the 2002 corporate collapses at employers such as Enron and WorldCom have made pension and retirement savings reform among the most important issues in Congress.
In 2006, Republicans led efforts to enact the first comprehensive overhaul of worker pension laws in more than a generation. The pension laws on the books had been written for a 1970s economy with a 1970s workforce. Times have changed, but these laws had not.
The bipartisan pension overhaul takes unprecedented steps to fix broken pension rules that no longer serve the interests of workers who count on their retirement savings being there for them when they need it. It includes tough new funding requirements to ensure employers adequately and consistently fund their pension plans, provides workers with meaningful disclosure about the financial status of their benefits, and protects taxpayers from a possible multi-billion dollar bailout of the federal Pension Benefit Guaranty Corporation (PBGC).
In addition to these efforts to strengthen retirement security for U.S. workers and retirees, Committee Republicans and Democrats also struck a bipartisan agreement in 2006 to improve programs and services under the Older Americans Act – the major federal law governing the organization and delivery of a wide array of social services for elderly Americans. The agreement increases program accountability, strengthens efforts to prevent elder abuse, and enhances services that can improve the quality of life for aging Americans.
In the 111th Congress, Committee Republicans will work to build upon these historic reforms. Particularly with the anxiety American families are facing in the current economy, Republicans will work to enact policies that will help American families protect and rebuild their hard-earned savings, from college funds to retirement accounts and everything in between.
McKeon op-ed in Roll Call: Pension Protection Act Streamlines Retirements (February 11, 2008)
McKeon op-ed in Roll Call: Retirement Security Enters a New Era (February 12, 2007)
401(k) Fair Disclosure & Pension Security Act (H.R. 2989) (July 30, 2009)