mr. speaker , i rise in strong support of the pension protection act ( h.r. 2830 ) , legislation that responds to the many challenges currently facing the financial health of the defined benefit pension system . 
the defined benefit system provides millions of american retirees and current workers with retirement benefits earned over the course of a lifetime . 
yet the rules governing the structure of the defined benefit system are geared towards a 20th century workforce that no longer exists . 
the pension protection act will bring these outdated rules into the 21st century and respond to the rapidly evolving american workforce that is more fluid , technologically advanced and diverse than ever before . 
h.r. 2830 accomplishes this goal by implementing four commonsense reforms that hold employers to a higher standard and will ensure the fiscal future of the defined benefit system : ( 1 ) the legislation will ensure employers properly and adequately fund employees ' defined benefit pension plans ; ( 2 ) provide meaningful new disclosure to workers about the status of their pension plan ; ( 3 ) secure the financial future of the pension benefit guarantee corporation ( pbgc ) and prevent a possible multi-billion dollar taxpayer-funded bailout ; ( 4 ) encourage greater employee savings for retirement goals by reforming outdated defined contribution plan rules . 
the legislation also prohibits executive compensation arrangements when a rank and file employee pension plan is severely under-funded . 
this important provision will prevent corporate chieftains from escaping via the golden parachute when an employer carries a qualified pension plan that is 60 percent under-funded or more . 
after all , the average working man in rural georgia deserves nothing less than a corporate executive in new york . 
and while h.r. 2830 includes important reforms to ensure employers more accurately fund their pension obligations , it also holds union leaders to a higher standard as well . 
over the years , union leaders have exerted tremendous pressure on employers in every commercial sector by negotiating benefit increases to defined benefit plans that are already under-funded . 
while many employers have not held up their end of the bargain by responsibly funding plan benefits , union leaders are equally responsible for misleading their workers and pushing for unrealistic benefit increases knowing full well an employer 's plan is already under-funded . 
this is no less outrageous , and h.r. 2830 takes important steps to prevent union leaders and employers from negotiating unrealistic benefit increases that will only hasten plan failure and an eventual taxpayer bailout . 
in addition , the compromise measure includes a series of requirements to address `` critical multiemployer plans '' funded between 65 percent and 70 percent . 
these plans face significant and immediate funding problems . 
h.r. 2830 not only strengthens the funding requirements for critical plans , it also requires trustees to develop a rehabilitation proposal to show a 20 percent improvement over 15 years . 
mr. speaker , the number of employer sponsored defined benefit plans are declining by the day , down from an all-time high of 170 , 000 in 1985 to 30 , 000 today . 
this is unacceptable . 
congress should not sit idly by while the defined benefit system continues to die on the vine , and for that reason i urge all of my colleagues to avert the pending retirement security crisis by passing the pension protection act today . 
