Political Quotes

“I am very pleased that the Senate may soon consider bipartisan legislation which I recently introduced with Senators Portman and Klobuchar: the Church Plan Clarification Act of 2015, S. 2308. By introducing this bill and asking for a unanimous consent agreement regarding its passage, our goal is to ensure the retirement security of clergy, church lay workers, and their families across the country. The Church Plan Clarification Act addresses several unintended consequences resulting from the application of general tax and pension regulations to the unique structures of church pension plans. Churches and synagogues established some of the first pension plans in the country, several dating back to the 18th century, and they are designed to ensure that our clergy and lay staff have adequate resources during their retirement years. Church pensions are critically important compensation plans that help support over 1 million clergy members across the country in their retirement--particularly those who dedicated their careers to serving in economically disadvantaged congregations. Church plans are often structured to reflect the ecclesiastical teachings of their denomination. The resulting diversity of plan structures, coupled with the complexity of the legal and regulatory framework that applies to church plans, has led to the need for this legislation.…”