Ron Kind: “I commend his leadership and the leadership on the committee for putting together a bipartisan package that is going to…”

“I commend his leadership and the leadership on the committee for putting together a bipartisan package that is going to be very important to American workers throughout the country and to their retirement security. According to the Social Security Administration, many retirees receive 19 percent of their income from employer-provided pensions. However, half of private sector workers have no pension coverage at all. In addition, only 29 percent of small businesses with 25 or fewer employees offer pension plans to their employees. H.R. 10 expands pension coverage and will help to provide retirement plans for those workers who are currently without such a plan. It increases the amount an individual can contribute to retirement accounts, and it allows individuals 50 years and older to make catch-up contributions to their 401(k) plans beginning in 2002, and in 2005 it will be indexed for inflation. This measure will also require faster vesting of pensions, increase pension portability, and reduce fees for smaller business pension plans. In the next 15 years, Mr. Speaker, 76 million baby boomers will retire. It is time that we pass legislation that helps encourage retirement and pension savings for all workers. With the Social Security trust fund currently expected to be exhausted by 2037, we must act now to ensure the financial security of future generations.”