|Targeted News Service|
"This commonsense fix to the pension system ensures that pension plans maintained by our charities and cooperatives will remain intact and robustly funded," said Rep. Kind. "It will help these organizations attract new workers and fulfill their pension obligations to current employees, and I look forward to
Charities and cooperatives are vital to our communities and neighborhoods, but the design of current pension funding laws, and artificially suppressed interest rates, began to jeopardize the continued impact these of entities in their communities. This reform bill offers a permanent exemption for these groups to ensure they are not required to fund their pension plans at levels often associated with high-risk plans, despite the fact that these plans have virtually no risk of default.
H.R. 4275 is the first stand-alone pension legislation that
The bill received broad bipartisan support in the
"Congressman Kind understands our unique business model and pension plan design and we thank him on behalf of the hundreds of Midwestern cooperative employees who will benefit from this effort," said
"As a participant in and a trust committee member of a multiple employer defined benefit pension plan representing rural communications cooperatives and small companies, we applaud Reps. Kind and Brooks for introducing legislation that passed the House today permanently extending the temporary exemption from the Pension Protection Act rules," said
"This will allow our extremely secure pension plan to continue to provide retirement benefitsto our rural members without being subject to the rules that require funding at a level that would necessitate hundreds of millions of dollars in unwarranted increased pension costs and impede employers from being able to continue to offer this type of benefit."
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