madam speaker , i yield myself such time as i may consume . 
madam speaker , i will put this as bluntly as i can : our nation 's pension laws are outdated and broken and placing at risk the retirement security of millions of american workers . 
today , we have an opportunity to change this by voting for the most comprehensive reforms to worker pension laws in more than a generation . 
the pension protection act is the outcome of one of the most thorough and remarkable legislative processes i have seen during my years in the house . 
on june 4 , 2003 , the committee on education and the workforce held the first of nearly a dozen hearings on traditional pension plans , and from these hearings they have covered a broad set of issues , ranging from what is broken to who it has impacted to how we should go about fixing it . 
and , today , we stand ready to debate and vote on the product of those 30 months of deliberations . 
there are three key strengths of this bill , and i would like to highlight each of those for my colleagues . 
it is a balanced approach , it is comprehensive in nature , and it is a benefit to american taxpayers . 
first , the bill 's greatest strength is its balanced approach to the pension crisis that we face . 
while some are calling for suffocating pension funding rules which would place an incredible burden on employers who voluntarily offer retirement benefits , our bill makes certain not to tighten the rules so much that employers leave the defined benefit system altogether . 
while others call for relaxation of pension rules , our bill ensures that employers and unions keep their promises to workers and retirees who are counting on their pension benefits . 
in short , our bill aims to shore up the traditional defined benefit pension system to which we and our parents have grown accustomed so our children and grandchildren might have a chance to be part of it as well . 
the second major strength of the pension protection act is inherently comprehensive in nature . 
as you can see on the chart that is next to me , the measure would ensure that pensions are fully funded to restore worker and retiree confidence ; it has enhanced disclosure requirements so that workers and retirees are no longer kept in the dark about the health of their pensions ; it would improve the financial condition of the federal agency charged with ensuring some 30 , 000 private pension plans ; it would reform outdated laws that deny workers access to professional and secure investment advice while providing even more workers with 401 ( k ) -type plans ; and it would end sweetheart deals like those we have seen at some airlines and other corporations that have terminated their plans in which executives enjoy a windfall of cash while workers and retirees are left wondering about their futures . 
incidentally , these five reforms are only the tip of the iceberg . 
there is much more that this bill offers to workers and retirees , far more than this chart could ever tell us . 
finally , yet another strength of this measure is its benefit to american taxpayers . 
each of us remembers all too well the savings & amp ; loan bailout of more than a decade ago . 
by enacting the pension protection act , we can be more confident that history will not repeat itself with regard to our pension system . 
as you can see on this second chart , the pension benefit guaranty corporation , which ensures nearly 30 , 000 private worker pensions , is in dire financial condition . 
with some $ 450 billion in pension plan underfunding among financially weak companies looming on the horizon , the pbgc 's debt could balloon even further than its current $ 23 billion . 
even though no taxpayer funds fund the pension benefit guaranty corporation , could american taxpayers be called upon to bail out the agency if its financial condition continues to deteriorate ? 
i think so . 
that is why the pension protection act includes responsible increases to employer-paid premiums for the first time since 1991 , along with substantial reforms to place the defined benefit system on more solid ground . 
for taxpayers who may be left holding the bag otherwise , i think this is good news . 
madam speaker , throughout this process i have made every effort to include my colleagues on both sides of the aisle . 
and even after my democratic friends voted `` present , '' that is right , they did not vote `` no , '' they voted `` present , '' when our committee approved the bill back in june , i was hopeful that they would join us and the ever-growing coalition of labor and employer groups in support of these reforms . 
however , some of my colleagues have offered nothing more than rhetoric based on quirky accounting schemes and purposely skewed modeling in an effort to characterize the pension protection act in a negative manner . 
i expect these hollow and misleading arguments will continue today as they seek to detract from a debate which they have largely been absent from for the last 30 months . 
it is my sincere hope , however , that many of my democrat colleagues will look beyond the rhetoric and support these long-overdue reforms . 
this bill definitely deserves bipartisan support . 
madam speaker , the pension protection act would not be before us if it were not for the work of my friend , the chairman of the ways and means committee , mr. thomas ; the employer-employee relations subcommittee chair and vice chair , mr. johnson xz4002061 and mr. kline ; my friend from ohio , mr. tiberi , a committee colleague who worked tirelessly to garner support for the bill ; and all of the others on my committee and throughout the house who understand how imperative it is to reform our nation 's outdated pension laws for the benefit of workers , retirees , and taxpayers alike . 
i thank them for their efforts to bring this bill to the floor . 
madam speaker , i reserve the balance of my time . 
