Gus Bilirakis: “I rise in support of H.R. 1102, the Comprehensive Retirement Security and Pension Reform Act. The authors of H.R. 1102…”

“I rise in support of H.R. 1102, the Comprehensive Retirement Security and Pension Reform Act. The authors of H.R. 1102 are to be commended for their work in drafting a bill to address the retirement savings gap by expanding small business retirement plans, allowing workers to save more, providing portability in retirement benefits for an increasingly mobile workforce, and securing the pensions of America's workers. I am pleased to see that H.R. 1102 increases IRA contribution and benefit limits, provides rollovers of retirement plan and IRA distributions, and reduces vesting requirements for employer matching contributions. These provisions will help Americans save more for their retirement needs. However, I still have concerns about the protection of pension benefits of workers and retirees. Over the years, I have heard from many of my constituents who have lost pension benefits as the result of their employer declaring bankruptcy or merging with another company. Current law does not do enough to protect the retirement benefits of these employees and the company's retirees. Mr. Speaker, hard-working Americans do not deserve to lose their hard-earned benefits due to a company's declaration of bankruptcy or merger with another corporation.”