Political Quotes

“I rise in strong support of pension provisions in H.R. 10 and the Rangel-Neal substitute. This legislation will make life better for the 10 million hard working Americans, retirees and their families who depend on multi-employer plans for retirement, health and other benefits. I support this legislation for one simple reason. It restores fairness to the tax code. Many working Americans, especially union members in the building trades work their whole lives and pay into pension funds. They expect to get back what they put in. Instead, Section 415 of the IRS code treats union multi-employer pension plans the same way it treats wealthy tax dodgers. Section 415 limits were designed to prevent high income individuals from using pension plans to shelter excessive benefits. But these limits are being applied to multi-employer plans, whose beneficiaries are typical working men and women. Multi-employer plan retirees need relief and they need it now. H.R. 10 and the substitute allow working people to receive more of their retirement benefits that they have worked for and earned. I urge my colleagues to support this bill.”