House Proceeding 04-06-06 on Apr 6th, 2006 :: 6:05:35 to 6:09:35
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6:02:50 to 6:05:35( Edit History Discussion )
Speech By: Dennis J. Kucinich

6:05:16 to 6:05:35( Edit History Discussion )

Dennis J. Kucinich: and put some teeth behind that guarantee. the speaker pro tempore: the gentleman yields back the balance of his time. mr. miller: i yield three minutes to the gentlewoman from ohio, ms. tubbs

6:05:35 to 6:05:52( Edit History Discussion )

Stephanie Tubbs Jones: jones . mrs. jones: thank you, mr. speaker. mr. miller, thank you for yielding the time. i serve on the ways and means committee. i rise in support of mr. miller's motion to instruct conferees.

6:05:35 to 6:09:35( Edit History Discussion )
Speech By: Stephanie Tubbs Jones

6:05:52 to 6:06:06( Edit History Discussion )

Stephanie Tubbs Jones: eliminating whereaway or the fact that dollars for cash plans wear away in value is very important. we need to ensure when an employer converts from a dra diggs defined benefit plan to a

6:06:06 to 6:06:20( Edit History Discussion )

Stephanie Tubbs Jones: cash plan workers receive their full benefits. we need to ensure that we draft rules to protect older workers because they can be vulnerable during such conversions. i want to talk about the

6:06:20 to 6:06:35( Edit History Discussion )

Stephanie Tubbs Jones: issue of retroactivity. it is important to the retirement security to many american workers in my congressional district. employers that sponsor cash balance plans and hybrid plans have hanging

6:06:35 to 6:06:48( Edit History Discussion )

Stephanie Tubbs Jones: in limbo for almost seven years. the internal revenue service has felt it necessary to temporarily stop issuing determination letters for converted plans and litigation has left the legality

6:06:48 to 6:07:02( Edit History Discussion )

Stephanie Tubbs Jones: of all cash balance plans up in the air. in my district i have four major employers that offer pension benefits to their employees through a cash balance or other hybrid pension plan. some of

6:07:02 to 6:07:17( Edit History Discussion )

Stephanie Tubbs Jones: these plans were acquired through mergers, acquisitions and while some were adopted through conversions. the employers treated their employees fairly, given them a choice to whether or not

6:07:17 to 6:07:31( Edit History Discussion )

Stephanie Tubbs Jones: to convert the plans and ensure worker benefits were not die luted. there are a lot of -- diluted. there are a lot of good actors across the country. according to an aarp study 23 of

6:07:31 to 6:07:44( Edit History Discussion )

Stephanie Tubbs Jones: 25 cash balance plans or 92% provides transition protections for their older employees when converting from traditional defined plans to cash balance plans. the four employers in my district

6:07:44 to 6:07:59( Edit History Discussion )

Stephanie Tubbs Jones: as well as 1,100 others across the country are caught in a web of legal uncertainty. we are in an era where companies are eliminating their pension plans including hybrid plans, not fixing this problem

6:07:59 to 6:08:14( Edit History Discussion )

Stephanie Tubbs Jones: will only perpetuate that trend. a recent survey of plans sponsors showed that more than 25% of employers are for hybrid pension plan either froze their plan or were activity considering terminating

6:08:14 to 6:08:27( Edit History Discussion )

Stephanie Tubbs Jones: or freezing their plan. a cash balance plan is a defined benefit plan and it is the future of our defined benefit system. it allows people too move from -- to move from one employer to the

6:08:27 to 6:08:44( Edit History Discussion )

Stephanie Tubbs Jones: other employer. we need to give them protections. if congress does not resolve the legal uncertainty, employers will continue to terminate their pensions. that would not be beneficial for

6:08:44 to 6:09:00( Edit History Discussion )

Stephanie Tubbs Jones: the retirement security of hard working americans. the conferees need to address retroactivity and establish benefit accrual standards -- 30 seconds mr. miller: i yield the gentlewoman an additional

6:09:00 to 6:09:12( Edit History Discussion )

Stephanie Tubbs Jones: 30 seconds. mrs. jones: as it relates to age discrimination and encourage employers to maintain their cash balance plans. for congress not to resolve this issue would put the retirement

6:09:12 to 6:09:25( Edit History Discussion )

Stephanie Tubbs Jones: security of thousands of workers at risk this is our chance to fix the problem. we must seize it. on behalf of workers and companies, let's clear up this confusion and put workers back

6:09:25 to 6:09:35( Edit History Discussion )

Stephanie Tubbs Jones: in the right place. i yield back i yield back. -- i yield back the balance of my time. mr. miller: i yield three minutes to the gentleman from minnesota mr. gutknecht. the speaker pro tempore:

6:09:35 to 6:09:46( Edit History Discussion )

Gil Gutknecht: the gentleman from minnesota is recognized for three minutes. mr. gutknecht: thank you, mr. speaker. there are issues that members don't know much about. this may be one for me. i did serve on the

6:09:35 to 6:12:43( Edit History Discussion )
Speech By: Gil Gutknecht