News Releases

(Washington, D.C.) – On Thursday, August 3rd, U.S. Senator Patty Murray (D-Wash) voted for the Pension Protection Act of 2006. The bill passed the Senate 93-5 and now goes to the President for his signature.

Senator Murray's statement follows:

"Over the past few years, many Americans have seen their pensions disappear through no fault of their own. That's led to widespread anxiety among workers who are worried that the retirement security they've worked so hard for may be pulled out from under them. That's why today I voted to strengthen pensions systems and give working families more peace of mind.

As a member of the Senate Committee on Health, Education, Labor and Pensions (HELP) I've been working for many months with my colleagues to develop legislation that will shore up and protect our nation’s private pension system for the long haul.

The pension reform bill I supported today in the U.S. Senate will help to ensure that when workers retire their pensions will be there for them. Specifically, the bill will improve pension plan funding; provide more predictable rules for companies; shore up multi-employer plans; provide workers with more timely and accurate information about the current financial condition of their pension plans; and provide new rules for conversions into hybrid cash balance plans.

I do have concerns about how this bill treats Indian tribes and tribal pension plans. I will continue to work to make sure that workers covered under tribal pensions are treated fairly by the federal government.

It's been said that retirement security is built on a stool with three legs -- Social Security, private savings, and pensions. Today we helped strengthen pensions and improved the retirement prospects for millions of Americans. I am committed to making sure that the workers in Washington State will in fact have the retirement security they have worked so hard for and deserve."