Sanders Urges Withdrawal of Proposed Cash Balance Pension Plan Regs

[1] Congratulations on your nomination by President Bush to become the next Treasury Secretary.

[2] As you may know, just before you were nominated to this very important cabinet position, the Treasury Department proposed regulations on controversial cash balance pension plans. These proposed regulations are a direct assault on the retirement plans of millions of American workers.

[3] Hundreds of companies all across America have already reneged on the retirement promises they made to their employees by switching to cash balance pension plans. If the proposed regulations are aloud to stand, it will give the green light to hundreds more -- resulting in financial disaster for workers all across the country who will not be receiving the pensions they were promised. Large corporations are pushing these plans because they can save hundreds of millions of dollars every year and, in the process, slash a worker's pension benefit by 20-50%.

[4] Before the Senate confirms your nomination, I believe that it's vitally important that members of Congress and the American people know your views on this issue that will impact the lives of millions of working Americans. In other words, will you pledge to withdraw these proposed regulations as soon as you become Treasury Secretary and work to issue new ones that will not allow companies to reduce the pension benefits of their workers by shifting to cash balance schemes?

[5] As a senior Member of the House Financial Services Committee, I look forward to hearing from you at your earliest convenience regarding this important question.