Hatch Statement at Markup of Pension Bills
Today the committee has before it a Chairman's mark that includes the Miners Protection Act of 2016, as modified, as well as the Retirement Enhancement and Savings Act of 2016, as modified.
These are two important pieces of legislation. I'll briefly address them in turn.
The first bill, once again, is the Miners Protection Act.
We've discussed this legislation in past
There is good reason for members to be concerned. After all, between the
The bill before us today represents months of hard work and compromise on the part of members on both sides of the aisle.
As is the case with any major compromise, no one involved thinks the product is perfect. I certainly don't support everything in this package. Though, I will note that there are number of praiseworthy elements of the bill, not the least of which is the fact that it is fully offset.
Still, given that so many members - including, once again, the
I want to thank my colleagues for their work on this legislation and their willingness to find bipartisan solutions.
The second bill before us today is, once again, the Retirement Enhancement and Savings Act of 2016. If enacted, this legislation would make some much needed changes to our nation's retirement system and address the priorities of a number of our members and their constituents.
As I've noted several times before the committee, the most important factor in determining whether workers will save adequately for retirement is their ability to participate in a retirement plan through their employer. This legislation will provide a number of options that will expand access to employer-sponsored retirement plans for workers in companies of all sizes.
Among other things, the bill will enhance 401(k) retirement plans and make them more accessible by offering startup and automatic enrollment tax credits for small businesses.
It will also make some common-sense changes to Individual Retirement Accounts, or IRAs.
And, it will increase the portability of retirement plans and the reliability of lifetime income by making it easier for employers to offer annuity contracts - a form of life insurance - as part of their employee retirement benefits.
This provision - and others in the bill - is something I've been working on for some time.
There are others whose work and priorities are reflected in this legislation, and I'd like to acknowledge their efforts here today.
Senators Grassley and Isakson have pushed hard for the Lifetime Income Safe Harbor provision, another item in the mark.
Senators Crapo and Roberts should be recognized for their work on the church related retirement plans that made it into the mark.
And,
I also want to recognize
Last, but certainly not least, I want to thank
All of these items are important and I want to thank my colleagues for their work in putting this legislation together and moving it forward.
I'd also like to let members know that
The first two were filed as Amendment 23, by Senators Burr and Casey, and Amendment 49, filed by Senators Casey, Burr, and Brown. These amendments improve ABLE Act accounts. Committee staff have worked with the member offices to ensure that the proposals are not controversial and fully offset and
There are two other amendments queued up for the discharge process, but they are awaiting scoring and analysis from the
Finally, before I conclude my remarks, I want to note that we received news this week that
Those of us who have been on the
I want to wish Marjorie the best of luck in all of her future endeavors and thank her for her years of service at JCT and to the
Read this original document at: http://www.finance.senate.gov/chairmans-news/hatch-statement-at-markup-of-pension-bills
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