mr. speaker , i yield myself such time as i may consume .  mr. speaker , h.r. 2830 , the pension protection act of 2005 strengthens retirement security for millions of americans .  current pension funding laws and structures are outdated and threaten the financial stability of the pension system .  in fact , the pension benefit guaranty corporation , pbgc , the government insurer of pension plans , estimates that single employer plans are underfunded by up to $ 450 billion .  furthermore , an increasing number of companies are using the bankruptcy system to dump massively underfunded pension plans on the pbgc .  since traditional pensions are a critical component of retirement security , it is essential to form law that modernizes and strengthens funding rules .  h.r. 2830 ensures that companies fulfill their pension promises to working people .  it requires employers to fully fund their pension plans and rectify funding shortfalls more quickly .  it also ensures that employees receive up-to-date and accurate information about their pensions and prevents companies from making future promises when they can not even meet current obligations .  the bill strikes the right balance in ensuring the plans will begin to be more appropriately funded while not being so strict that the companies providing pension plans are in danger of having to terminate them .  to that end , h.r. 2830 provides transition relief to employers , giving them time and flexibility to get their pension funding in order .  in addition , the ways and means committee incorporated into this package a number of tax incentives to increase retirement savings for americans .  included in h.r. 2830 are provisions to make permanent the savers ' credit and the increased contribution limits for iras and other 401 ( k ) plans .  the bill also increases savings opportunities for our men and women in combat and provides increased pension flexibility for public safety officers , including firefighters , policemen and emergency medical service employees .  furthermore , this bill provides tax benefits to make health care and long-term care more affordable .  h.r. 2830 makes permanent bipartisan pension improvements established in 2001 .  while pension reform is a difficult area to make adjustments , given the unique needs of each employer , this legislation is a fair and balanced package that will provide economic security for millions of americans .  it has broad support for both the employer and labor communities .  i urge my colleagues to support this bill .  mr. speaker , i reserve the balance of my time .  