Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, March 7 -- Rep. Joe Garcia, D-Fla. (26th CD), issued the following news release:
This morning, Congressman Joe Garcia met with President Obama to discuss critical issues affecting his South Florida District. During the in-flight meeting, Congressman Garcia discussed some of his top-priority issues including the crisis in Venezuela, immigration reform, the implementation of the Affordable Care Act and skyrocketing flood insurance rates - a topic that has been gaining steam in Congress.
Earlier this week, the House of Representatives passed a bill which would address exorbitant rate increases for tens of thousands of homeowners and renters in the district. Congressman Garcia has been at the forefront of flood insurance reform and a staunch advocate for finding bipartisan solutions.
"Flood insurance reform has been a serious issue that has affected millions of people across the country, including those in my district. Soaring premium rate increases have placed harsh and unconscionable financial burdens on policyholders - some so severe they were forced to move from their homes. I want to stress to the President the importance of bringing real reform to my constituents in hopes that soon he'll be signing legislation into law" Garcia said.
In a recent interview on flood insurance reform, the White House administration released a statement saying, "The administration recognizes that many policyholders may be challenged financially by the new rates and remains committed to working with the Congress to develop approaches that ensure economically distressed policyholders are not unduly burdened while maintaining the financial stability of the NFIP." During a recent tele town hall held by Garcia, more than 60% of callers said to have been negatively affected by skyrocketing flood insurance rates.
President Obama is visiting the Congressman's district where he is promoting his education agenda at Coral Reef Senior High, a local high school. The President's proposal provides an additional $300 million in funding for "Race to the Top" programs targeted at closing the achievement gap in schools across the country. As part of this initiative, Miami-Dade County has received a grant to increase personalized instruction in area schools.
"I am pleased to welcome President Obama to my district to share a firsthand look at some of my community's critical needs. Almost one-sixth of people in my district don't graduate high school and we need expanded educational resources - through programs like ConnectEDucators - to raise graduation rates at our high schools." said Garcia.
Over the past few months, President Obama has been traveling around the country addressing central issues that affect millions of people around the nation, including those in Garcia's district.
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