Renzi Fights for Fairer Pensions for American Workers

Votes to Ensure Executives Can't Use Worker Pensions to Expand Personal Benefits WASHINGTON, D.C. - Congressman Rick Renzi (AZ-1) recently voted to make pensions fairer for American workers (roll call vote 122 on HR 2830). Renzi voted on a measure preventing corporate executives from expanding their own retirement pay packages when standard employees face restrictions on company pension benefits. Renzi specifically cited his opposition to the retirement package of Exxon's Lee Raymond, whose $400 million retirement package was the most generous corporate payout in American history. "It is unconscionable for Exxon's Lee Raymond to accept an inflated retirement package as Americans are paying through the nose for gasoline," said Congressman Renzi. "It is wrong for corporate executives to build their golden parachutes on the backs of hard working American families because as Adam Smith, an economic theorist once said, 'capitalism without morality is greed.'" Renzi voted in favor of placing greater restrictions on corporate executives' retirement benefits. Currently, executives can use corporate funds for their own compensation until pension funding drops below 60 percent. The change brings executives into line with the current employees' pension model which does not allow lump sum payments, benefit increases or cost of living increases if the pension funding is below 80 percent. The legislation Renzi voted on would make these provisions effective beginning January 1, 2006, which would apply to Exxon CEO Lee Raymond's retirement package. Renzi also called on the Federal Trade Commission to start an investigation on the recent spike in gas price. The motion also instructs House negotiators to make these provisions effective after December 31, 2005. As a result, the bill's restrictions would apply to the retirement package of outgoing ExxonMobil CEO Lee R. Raymond, which was announced in 2006.