Glenn English: “I would like to join the individuals who have spoken today in congratulating the gentleman from Ohio (Mr. Portman) for…”

“I would like to join the individuals who have spoken today in congratulating the gentleman from Ohio (Mr. Portman) for his Herculean efforts on behalf of this legislation. Mr. Speaker, working families must be able to fall back on strong private pension plans when they are planning for retirement. Social Security is simply not enough. This landmark legislation will allow more families to save with greater flexibility for retirement. This legislation has many simple changes, but the cumulative effect is profound. It would allow families to secure their retirement future by increasing the IRA contributions limits and increasing the 401(k) limits, long overdue changes. It would also allow baby boomers who are discovering that their retirement is seriously underfunded to catch up through higher contribution limits. But particularly I wanted to note that the changes in the current section 415 would address the unintended consequences of this legislation which have hurt many, many of the working families in my district. Currently section 415 seriously hampers the ability of America's workers, not the rich, but rank and file workers, to collect their full pension amounts that they have earned. Slashing the pensions of workers who retire before normal Social Security retirement age has caused financial hardship for many workers, especially in my district.”