Political Quotes

John Tierney: “A large number of older Americans, people 40 years and older, have in fact lost up to 50 percent of the value of their…”

On the recordJuly 24, 2002
A large number of older Americans, people 40 years and older, have in fact lost up to 50 percent of the value of their plans. This is not some substantive change in the law that is being asked for here. The law says we cannot discriminate in such situations. The Inspector General at the Department of Labor has found out that discrimination is going on when you shift to a cash balance plan. Over 20 percent of the 60 plans that were audited resulted in those employees not getting what they were entitled to. If we extrapolate that number out, we find out the damage is $185 million to $190 million annually.
Said by
John Tierney
Massachusetts
Source
govinfo.gov

Editor's note · Context

Discussing the impact of cash balance plans on older Americans' pensions.

Share

Share on XShare on FacebookEmail this quote

More from John Tierney

Jul 24, 2014

I demand a recorded vote. A recorded vote was ordered. The SPEAKER pro tempore. Pursuant to clause 8 and clause 9 of rule XX, this 5-minute vote on the motion to recommit will be followed by 5- minute votes on passage of the bill, if…

govinfo.gov
Apr 2, 2014

In view of Libya's challenges in building and stabilizing democratic institutions it seems advisable that we review whether or not the success of that country in transitioning has impacted its ability to meet national security requirements.

congress.gov
Jun 23, 2014

I am confident we will find ways to disagree without being disagreeable.

congress.gov
Jul 24, 2014

I am, in its present form. The SPEAKER pro tempore. The Clerk will report the motion to recommit. The Clerk read as follows: Mr. Tierney moves to recommit the bill, H.R. 4984, to the Committee on Education and the Workforce with…

govinfo.gov
View all John Tierney quotes

Other voices in this conversation