Pension Overhaul Bill Sent to President

According to an Associated Press story, Congress passed major pension legislation designed to assure American workers, including millions of baby boomers nearing the end of their working careers, that the pensions they have been promised will be there when they retire.

Hooray? Though one wonders why Congress had to pass a bill to keep a promise it already made. Then one remembers Enron, and quietly weeps.

The Senate, in its last vote before adjourning for a four-week summer break, approved the 900-page bill that compels employers with defined-benefit pension plans to meet their funding obligations and seeks to prevent companies from terminating plans and shifting the financial burden to the taxpayer. The House passed the bill last week.

The pension bill now goes to President Bush for his expected signature and gives lawmakers returning to their states and districts a major achievement in an election-year session characterized more by partisan politics than legislative accomplishments.