Last February, President Bush proposed important changes to the pension laws intended to protect the retirement savings of America's workers. The House of Representatives passed the President's plan in April, and the Senate Finance Committee unanimously reported a bipartisan bill in July. The entire Senate must now address this legislation in order for it to proceed.
"The bill unanimously reported out of the Finance Committee would help workers who have lost their savings," said Senator Collins. " I believe it is essential to give workers and their employers the tools to create generous, safe, reliable retirement plans. With these tools, we can provide hardworking Americans the retirement security they deserve.
"Although the sluggish pace of the Senate has left precious little time for this important legislation, it is never too late to consider bipartisan, consensus legislation."
The Senators called on Senator Daschle to attach the proposal to a scheduled finance bill, S. 1971, which is expected to pass by unanimous consent. This would be the Senate's last chance this year to join with the President and the House in addressing this critically important issue.
The Finance Committee-reported measure includes legislation authored by Senator Collins and Senator Jeff Bingaman (D-NY) to provide independent investment advice to workers.
"The retirement dreams and savings of tens of millions of Americans rests on passing this legislation," said Senator Collins.