mr. speaker , i rise in strong support of this rule and the pension protection act . 
over the past several years , we have all witnessed some disturbing occurrences as we have seen far too many hardworking americans contribute money into a pension plan , only to find their benefits dwindle or depleted entirely . 
we must find ways to ensure that employers keep their promises to their retiring workers . 
i believe we have done so in this bill . 
chairman boehner and thomas are to be applauded for their determination to make this happen . 
they have spent countless hours in negotiations with employers , employees , unions , and all other parties who have a dog in this fight . 
the resulting bill we consider here today does exactly what its title says : it further protects the pensions of america 's workers . 
as i see it , the two most important parts of the pension protection act are provisions to require more accountability and provisions that ensure fiscal responsibility . 
this bill strengthens current law and requires more accountability on the part of employers in funding their workers ' benefit plans . 
it requires employers to put more cash contributions into worker pension plans . 
it closes loopholes allowing underfunded plans to skip pension benefits , and it calls for more transparency about the status of workers ' pension plans . 
how can anyone oppose instilling more accountability into the pension system ? 
the pension protection act is supported by a broad coalition of labor unions and employers like the united auto workers , the brotherhood of carpenters , the u.s. chamber of commerce , and the financial services roundtable . 
the bill includes a broad package of multiemployer reforms sought by unions and employers . 
in addition to these reforms , the bill ends excessive compensation for executives if an employer plan is severely underfunded . 
it also insists on more accountability by prohibiting employers and unions from offering pension benefit increases when plans are already severely underfunded . 
the pension benefit guaranty corporation is suffering from a $ 23 billion deficit . 
unless we want all taxpayers to pony up and bail out the pbgc , we must demand reforms to place the defined benefit system on more solid ground . 
we must continue to fight for fiscal responsibility . 
i urge my colleagues to support this bill . 
