Rich Neal: “I am glad Mr. Hoyer also pointed out that many of us did support President Bush's rescue package. I voted for it twice.…”

“I am glad Mr. Hoyer also pointed out that many of us did support President Bush's rescue package. I voted for it twice. We met with Hank Paulson, the Secretary of the Treasury, in the Ways and Means Committee library, and he said, ``You have to do this.'' We followed suit and supported it. It has come to my attention that there is some uncertainty about the effective date of one of the provisions in the American Rescue Plan Act of 2021. In section 9706 of the bill, we allow single-employer pension plans to measure their liabilities by using interest rates that are closer to historical norms, rather than the low interest rates that are in effect today in part because of the pandemic. This provision will enable both plans and participants to weather this crisis far better. I'd like to clarify an issue relating to the effective date of this provision. Plans can choose to have the provision apply starting in 2020. In addition, plans can elect to have the provision apply starting in 2022, so that it does not apply until 2022. It also is our intent that plans can elect for the provision to apply starting in 2021. We believe that is the right interpretation of the language of the bill. We want to give plans the maximum flexibility in this regard so that tomorrow's retirees can achieve a secure retirement.…”