Thomas E. Petri: “with many railroad retirees amongst my constituents, I am pleased to rise in strong support of this legislation. Several…”

“with many railroad retirees amongst my constituents, I am pleased to rise in strong support of this legislation. Several years ago, as Chairman of the Surface Transportation Subcommittee, I became aware of the need to increase the retirement security of our nation's railroad workers. The members of the Transportation committee worked hard to bring all the stakeholders together to work out a comprehensive plan to reform the railroad retirement system. I am quite pleased that this legislation represents the product of that work. By diversifying the investment vehicles for retirement accounts, this legislation improves retirement benefits and reduces taxes on railroad employers. This sensible legislation is supported by both railroad management and most labor unions. Last year, this House overwhelmingly passed similar legislation, but he Senate failed to act on it. Let's not make our railroad retirees and their families wait any longer for this needed reform. I urge my colleagues in both chambers to support quick passage and enactment of this legislation.”