House Proceeding on Jul 9th, 2008 :: 1:31:37 to 1:33:46
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1:31:37 to 1:31:48( Edit History Discussion )

Earl Pomeroy: many plans have been frozen, as employers ask, can we continue to provide pension plan coverage? 3.3 million workers have seen their benefit plan frozen in some way. and unfortunately, when

1:31:37 to 1:33:46( Edit History Discussion )
Speech By: Earl Pomeroy

1:31:48 to 1:32:02( Edit History Discussion )

Earl Pomeroy: the department of labor analyzed the pension protect act, they conducted no research on whether the new stringent funding requirements would accelerate the freezing of pension plans. i believe there's

1:32:02 to 1:32:18( Edit History Discussion )

Earl Pomeroy: no question the pension protect act has accelerated the freezing of pension plans. and if we do not pass this technical corrections bill, more plans will be frozen. another important fix included

1:32:18 to 1:32:34( Edit History Discussion )

Earl Pomeroy: in this bill is the defined benefit pension plans of state and local governments offer their employees. thespublic plans were caught in the provisions of the pension protection act designed

1:32:34 to 1:32:50( Edit History Discussion )

Earl Pomeroy: to have cash balance conversions. it was not planned to be under the pension protection plan. the treasury department has said that the credited interest provision of public pension plans is

1:32:50 to 1:33:01( Edit History Discussion )

Earl Pomeroy: limited to a rate no greater than a market rate of return. under long existing law that has been in place for decades, the public plans themselves and the political subdivisions are states that

1:33:01 to 1:33:16( Edit History Discussion )

Earl Pomeroy: -- or states that sponsor those plans determine what the credited interest rate would be. as a former employee of the state of north dakota, for example, i have a credited rate of interest

1:33:16 to 1:33:29( Edit History Discussion )

Earl Pomeroy: on the pension accrual that i had, a -- a vested pension benefit i have of 7.5%. that was determined by the state of north dakota. it ought to be recognized, as it has been in the past, but undethe

1:33:29 to 1:33:46( Edit History Discussion )

Earl Pomeroy: treasury provision, no greater than market rate of return would be allowed. well, public plans, not subject to ariesa, but with their unique protections and plan designs should benefit from

1:33:46 to 1:34:00( Edit History Discussion )

Jim Ramstad: this clarification to ensure rates of interest provided by state and local governments. who are we in congress to say that what the credited rate of interest should be? we got to trust state

1:33:46 to 1:38:30( Edit History Discussion )
Speech By: Jim Ramstad