The pension protection act has gone too far, Senate panel says
Senate Finance Committee members on Wednesday said the pension protection law is too broad, has too few teeth and is likely to have unintended consequences.
The bill passed the House last month and Senate Finance has yet to take it up.
The panel has been pushing the president to pass the law, which would require federal workers to have health insurance or pay a penalty.
The law is opposed by many unions, employers and lawmakers, and some conservative groups, which say it could cause job losses.
It’s unclear how the president’s plan will work in practice, but he is expected to sign the bill in the coming days, a senior administration official said.
The pension protection Act would give federal workers the option to buy their own health insurance, subject to some restrictions, and provide for an annual fee that employers could impose on workers who don’t purchase health insurance.
It would also establish an additional fee for federal workers who want to buy private health insurance on their own.
The law would set out what kinds of health insurance would be required for federal employees.
It also requires that workers who are not covered by an employer’s health plan must have coverage.
The president’s bill would require the secretary of labor to establish a commission to study the federal government’s implementation of the law.
That commission would have the authority to recommend changes to the law to address potential shortcomings.
The nonpartisan Congressional Budget Office has estimated the law would increase the federal deficit by $1.4 trillion over 10 years, and that the law is unlikely to be able to offset that loss.