Chuck Grassley

Mr. GRASSLEY

Mr. GRASSLEY. That is right.

Mr. GRASSLEY. Yes.

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senator from Wisconsin, Mr. Feingold, now be recognized to offer his amendment No. 2748, and he be recognized for up to 12 minutes for general debate on the amendment. I further ask consent that the amendment be laid aside, with a vote occurring on or in relation to the amendment at 5 o'clock, with no second-degree amendment in order prior to the vote. I further ask consent that votes occur on or in relation to the following two amendments in sequence at 5 o'clock, with no second-degree amendments in order prior to the votes, and there be 4 minutes for explanation prior to each vote. Those amendments are No. 2521 offered by Senator Durbin and No. 2754 offered by Senator Dodd. I further ask consent that following the sequencing of the amendments, Senator Schumer then be recognized to call up an amendment and to speak for up to 2 minutes and the amendment then be laid aside. I further ask unanimous consent that the time between now and 5 o'clock be equally divided in the usual form. I further ask consent when the Senate resumes consideration of S. 625 tomorrow, I be recognized to call up our amendment No. 2771 on which there will be a 4-hour time limit.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I object.

Mr. GRASSLEY. I object.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. GRASSLEY

Mr. GRASSLEY. I ask unanimous consent the Senator from Oregon have 5 minutes.

Mr. GRASSLEY. Take 5 minutes?

Mr. GRASSLEY. I object.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs be authorized to meet during the session of the Senate on Tuesday, November 9, 1999, to conduct a mark-up on pending nominations.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, first of all, I thank the Senator from Vermont for his encouragement of all Members that although we have had so many amendments filed, it would be determined that every amendment either be offered or else dropped from the list. I hope later on this afternoon we can finish that process.

Mr. GRASSLEY

Mr. GRASSLEY. I ask for the yeas and nays.

Mr. GRASSLEY. I object.

Mr. GRASSLEY. Mr. President, I rise today in support of the pension reform provisions which have been included in the minimum wage and business tax amendment sponsored by colleague Senator Domenici. Earlier this year I cosponsored with Senator Bob Graham of Florida, comprehensive pension reform legislation--S. 741, The Pension Coverage and Portability Act. Many of the provisions in S. 741 were included in the vetoed Taxpayer Refund Act of 1999. Now, those provisions have been included as part of the Republican minimum wage amendment. Experts say that, ideally, pension benefits should comprise about a third of a retired worker's income. But pension benefits make up only about one-fifth of the income in elderly households. Obviously, workers are reaching retirement with too little income from an employer pension. Workers who are planning for their retirement will need more pension income to make up for a lower Social Security benefit and to support longer life expectancies. While we have seen a small increase in the number of workers who are expected to receive a pension in retirement, only one half of our workforce is covered by a pension plan. There is a tremendous gap in pension coverage between small employers and large employers. Eighty-five percent of the companies with at least 100 workers offer pension coverage. Companies with less than 100 workers are much less likely to offer pension coverage. Only about 50 percent of the companies with less than 100 workers offer pension coverage. Small employers who may just be starting out in business are already squeezing every penny to make ends meet. These employers are also people who open up the business in the morning, talk to customers, do the marketing, pay the bills, and just do not know how they can take on the additional duties, responsibilities, and liabilities of sponsoring a pension plan. I firmly believe that an increase in the number of people covered by pension plans will occur only when small employers have more substantial incentives to establish them. The pension provisions contained in the minimum wage amendment offered by Senator Domenici would provide more flexibility for small employers, relief from burdensome rules and regulations, and a tax incentive to start new plans for their employees. These reforms would create new retirement plans which would help thousands of workers build a secure retirement nest egg. The amendment also contains provisions which promote new opportunities to roll over accounts from an old employer to a new employer. The lack of portability among plans is one of the weak links in our current pension system. This amendment contains technical improvements which will help ease the implementation of portability among the different types of defined contribution plans. There has been criticism that the benefits of pension reform legislation would largely be directed toward the rich. However, to the contrary, evidence suggests that pension benefits largely benefit middle class workers. Over 75 percent of current workers participating in a pension plan have earnings of less than $50,000. Among married couples nearly 70 percent of those receiving a pension had incomes below $50,000. Among widows and widowers, over 55 percent of pension recipients had incomes below $25,000. Furthermore, there are provisions in the amendment specifically designed to help rank-and-file workers earn meaningful benefits. Provisions such as reducing the vesting period for employer matching contributions in defined contribution plans and eliminating the twenty- five percent of compensation limit on combined employer and employee contributions to defined contribution plans. Finally, let me say there is a precedent for including reforms to the employer provided pension system with an increase in the minimum wage. Three years ago we increased the minimum wage from $4.25 to $5.15 as part of the Small Business Job Protection Act of 1996. Included in that legislation were a number of reforms to the employer-provided pension system. One in particular, was the creation of the SIMPLE pension plan--which has expanded coverage to thousands of employees of small businesses who otherwise might not have been able to participate in a pension plan. We have an opportunity to improve the incomes of the lowest paid members of the American labor market, and to improve retirement security for millions of workers and their families. I support my colleague's efforts, and encourage others to do the same.

Mr. GRASSLEY. I yield myself such time as I might consume.

Mr. GRASSLEY. Mr. President, how much time remains on this side on the minimum wage issue?

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the pending Grassley amendment No. 1730 be modified with the text I now send to the desk and that the vote occur on or in relation to the amendment at 5:30 this evening. That is right now.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senate now proceed to the immediate consideration of Calendar No. 380, S. Con. Res. 68.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senate now proceed to the consideration of H.R. 3196, the foreign operations appropriations bill. I further ask consent that a substitute amendment, which is at the desk, be agreed to, the bill be read a third time and passed, the motion to reconsider be laid upon the table, and any statement relating to the bill be printed in the Record. I further ask consent that the Senate insist on its amendment and request a conference with the House.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senate Committee on Aging be authorized to meet on November 8, 1999, at 2:00 p.m.-5:00 p.m. in Hart 216 for the purpose of conducting a hearing.

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senate Committee on Commerce, Science, and transportation be authorized to meet on Monday, November 8, 1999, at 9:30 a.m. on mergers in the communications industry.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that there be a period for the transaction of routine morning business, with Senators permitted to speak up to 10 minutes each, with the exception of Senator Landrieu.

Mr. GRASSLEY

Mr. GRASSLEY. Mr. President, I ask unanimous consent that the Senate stand in recess from the hours of 12:30 p.m. to 2:15 p.m. tomorrow for the weekly policy conferences to meet.

Mr. GRASSLEY. Mr. President, I ask unanimous consent that when the Senate completes its business today, it adjourn until the hour of 9:30 a.m. on Tuesday, November 9. I further ask consent that on Tuesday, immediately following the prayer, the Journal of the proceedings be approved to date, the morning hour be deemed to have expired, the time for the two leaders be reserved for their use later in the day, and the Senate then resume debate on S. 625, the bankruptcy reform bill, under the previous order.

Mr. GRASSLEY

Mr. GRASSLEY. If there is no further business to come before the Senate, I now ask that the Senate stand in adjournment under the previous order following the remarks of the Senator from Oregon, Mr. Wyden.