Senators backed by an alliance of manufacturers and unions blocked action Thursday on a pension overhaul bill in protest over requirements that companies with less than stellar credit ratings pay more into their pension funds. The bill would tighten rules to guarantee that employers fully fund their pension programs and would shore up the financial position of the federal agency that insures those plans.
October 07, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Senators backed by an alliance of manufacturers and unions blocked action Thursday on a pension overhaul bill in protest over requirements that companies with less than stellar credit ratings pay more into their pension funds.
“We’re talking but we’re not getting anywhere,” said Sen. Mike DeWine, R-Ohio. With Sen. Barbara Mikulski, D-Md., DeWine used a procedure that allows individual senators to stop legislation from advancing to the full Senate.
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