Richard Burr: “the proposed Treasury regulation ``safe harbor'' in the Pension Security and Transparency Act of 2005 states: The…”

“the proposed Treasury regulation ``safe harbor'' in the Pension Security and Transparency Act of 2005 states: The accrued benefit determined under this subparagraph shall be determined under regulations prescribed by the Secretary which are consistent with the purposes of this paragraph and which may require a plan to provide a credit of additional amounts or increases in additional account balances in amounts substantially equivalent to the benefits that would be required to be provided to meet the requirements of subparagraphs (B) or (C). Mr. Chairman, am I correct in my understanding that the intention of this provision authorizing Treasury regulations is that the Secretary be given the widest latitude possible to approve cash balance conversions falling within the spirit of the conversion requirements?”