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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (42704)	12/13/2005 2:48:07 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 116555

Wow, I must be weak at parsing words. <G>

To: CalculatedRisk who wrote (42704)	12/13/2005 4:11:40 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

House GOP revives pension overhaul proposal Tuesday, December 13, 2005 8:30:21 PM afxpress.com WASHINGTON (AFX) - Top House Republicans on Tuesday indicated Tuesday that they would seek a vote this week on wide-ranging legislation to overhaul the nation's pension system after scoring a deal with a key labor union that had opposed an earlier version of the bill Acting House Majority Leader Roy Blunt, R-Mo., who last week said prospects for action on the legislation this year were extremely small given Democratic opposition, told reporters that the deal between key Republican House committee chairs and the United Auto Workers was likely to gain some Democratic support for the legislation The House is "likely to be able to bring this to the floor this week," Blunt told reporters Ways and Means Committee Chairman Bill Thomas, R-Calif., and Education & the Workforce Committee Chairman John Boehner, R-Ohio, said, in a joint statement, that they had reached an agreement with the UAW, and that the union would provide "active support" for the legislation "The UAW's support adds even more momentum to the ever-growing coalition of employer and labor support for the Pension Protection Act, and we expect the House to pass this measure before Congress adjourns this year," the chairmen said The UAW had opposed provisions in the bill that the union said would freeze pension credits and benefits in the General Motors Corp. , Ford Motor Co. and DaimlerChrysler AG pensions plans, as well as other union-negotiated plans. Also, it would prohibit plant shutdown pension benefits negotiated by the UAW and other unions, they complained In their statement, the lawmakers said the UAW had been assuaged by "two modest changes" to the transition rules governing benefit restrictions, including shutdown benefits The union claimed victory. "With these critically important changes, the UAW is now supporting the House pension bill. We expect the House to take up this bill on Thursday ... and are urging representatives to vote for the bill," the union said in a statement posted on its website The Senate voted overwhelmingly last month to clear its version of legislation that would require companies with underfunded defined-benefit pension plans to make up their shortfalls, while also shoring up the Pension Benefit Guaranty Corp., which serves as the federal backstop for the nation's pension system ================================================================ Anyone have details of this proposal? Mish