The Minnesota Senior Federation's pension action committee is formulating a stand on some of the complex issues being considered by a congressional committee to resolve competing provisions of the Pension Security and Transparency Act of 2005 (S1783) passed by the U. S. House, and the Pension Protection Act of 2005 (HR2830), from the U.S. Senate.

The joint congressional committee in Washington began debating the two bills March 8. A final resolution has taken longer than hoped for by Republican leaders of the committee. Conference committee chair, Sen. Mike Enzi (R-WY), originally predicted a resolution by April 7. The latest informal deadline has been pushed to Memorial Day, according to Plan Sponsor Magazine, quoting the Bureau of National Affairs.

According to Enzi, the conferees are "moving closer to a point of agreement on the major pieces" of a final conference report - "80 percent of the way" toward a final resolution bringing the House and Senate versions of the pension reform bills together. More information on Enzi's comments is at www.plansponsor.com/pi_type10/?RECORD_ID=33019.

However, Sen. Harry Reid (D-NE), contradicts Enzi's optimistic outlook offering that "little movement has been made to bridge the differences between the House and Senate bills." Reid further accuses Republican members of the conference committee of intending to pass a bill "without including Democrats." Reid's statement lists a number of "principals" Democratic committee members would like to see addressed. His statement can be found at
www.americanbenefitscouncil.org/documents/reid_statement_040706.pdf .
Ranking House education and workforce committee member George Miller (D-CA) echoed Reid's concerns, accusing Republican committee members of excluding Democrats from the process..

Other developments important to pension plan participants regarding committee progress are a House vote in favor of a motion to instruct House pension conferees to pass a provision proposed by Miller protecting older workers in cash-balance pension plan provisions from wear away of further accrual of benefits following such a conversion; and discussions regarding application of airlines relief provisions, present in the Senate bill, to other vulnerable industries.

For more information go to
www.plansponsor.com/pi_type10/?RECORD_ID=32936