Political Quotes

“today my colleague Senator Portman and I are introducing this legislation, which refines the language included in a previous bill, S. 3532, introduced in the 112th Congress by Senator Hutchison and myself. Our goal is to ensure the retirement security of our Nation's clergy, church lay workers, and their families by resolving an unfortunate application of our current pension rules on church pension beneficiaries. Churches and synagogues established some of the first pension plans in the country, some dating back to the 18th century, and they are designed to ensure that our pastors and lay staff have adequate resources during their retirement years. Church pensions are critically important compensation plans that help support over one million clergy members across the country in their retirement--particularly those who dedicated their careers to serving in economically disadvantaged congregations. Church plans developed structures and mechanisms that reflect the differing church polities they serve and their unique status has been recognized in law. However, recent IRS regulations governing 403(b) pension programs and legislative changes have resulted in uncertainty and compliance issues for church pension plans. The Church Plan Clarification Act is straightforward, non- controversial, and has bipartisan support.…”