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MCKEON NAMED TO PENSION COMMITTEE CONGRESSIONAL PANEL TO NEGOTIATE REFORM PACKAGE.

Byline: Daily News

U.S. Rep. Howard P. ``Buck'' McKeon, R-Santa Clarita, was appointed Thursday to the House-Senate conference committee on pension reform.

The conference will be responsible for resolving differences between the House- and Senate-passed versions of a pension-reform bill designed to help underfunded pension plans stay afloat so workers can count on receiving all of their pension benefits when they retire.

``While this measure does not represent a permanent solution to pension underfunding problems, it will protect the retirement security of millions of American workers as Congress works to find a long-term fix,'' McKeon said in a statement.

Others named to the committee were John Boehner, R-Ohio; Sam Johnson, R-Texas; Pat Tiberi, R-Ohio; George Miller, D-California; Rob Andrews, D-New Jersey; Bill Thomas, R-Calif.; Rob Portman, R-Ohio; and Charlie Rangel, D-New York.

The House overwhelmingly passed the Pension Funding Equity Act on Oct. 8. The bill would provide a short-term, two-year pension funding fix to replace the current 30-year Treasury bond interest rate that is used by many employers to calculate the amount of money they must set aside in their employee pension plans with a conservative corporate bond rate for two years through 2005. This bill would provide short-term help while Congress considers permanent solutions.

The Senate passed its version of the bill Jan. 28. It includes the key pension interest rate change as well as a number of other provisions.
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Publication:Daily News (Los Angeles, CA)
Date:Mar 6, 2004
Words:233
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