Original publisher: Washington: U.S. G.P.O., 2009. LC Number: KF27 .E3395 2009 OCLC Number: (OCoLC)468820083 Subject: 401(k) plans -- Law and legislation. Excerpt: ... 11 That's why I'm joining other Republicans today to introduce the Savings Recovery Act, a bill that takes important first steps to help Americans begin to rebuild the savings they have lost. Our bill gives Americans flexibility and freedom to save, while eliminating pen-alties that would make it harder to rebuild what has been lost. We'll raise contribution limits on retirement accounts, and we'll stabilize pensions with a glide path for recognizing losses and additional time to boost funding. We'll make it easier for families to save for college, and we'll get capital flowing again by temporarily suspending the capital gains tax on newly acquired assets. And we'll allow more Americans to increase their income by doubling the Social Se-curity earnings limit. The Savings Recovery Act is the product of a Republican Solutions Group that came together to address the very real concerns of Americans who have seen their nest eggs evaporate. We know that savings can't be rebuilt overnight, but that's no excuse to ignore the challenges that families are facing. As for the bill before us today, the focus is much narrower. Rather than respond-ing to the broader losses in Americans ' savings plans, this bill offers a specific pre-scription for 401 ( k ) reporting requirements and investment options. And so, recog-nizing the parameters of the bill, I look forward to a thorough examination of these issues. Members on both sides of the aisle recognize that Americans need to be able to save for retirement. I hope we can find similar agreement on what steps should be considered to enhance current savings opportunities, rather than stifling them. Again, thank you for the opportunity to provide a statement. I yield back. Chairman A. Thank you, Mr. McKeon. And we want to NDREWS proceed with that open-and-honest de...
Original publisher: Washington : U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O., 2004. OCLC Number: (OCoLC)54113388 Subject: Labor unions -- Finance -- Law and legislation -- United States. Excerpt: ... 11 requirements under the Labor Management Reporting and Disclosure Act. This is an issue of tremendous significance for the labor movement. As you know, the AFL - CIO and its affiliated unions oppose the Department's pro-posal. Today I want to emphasize three points that underlie our opposition and il-lustrate the proposal's fundamental flaws. First, the proposal will impose enor-mous - and in many cases insuperable - financial burdens on unions. Second, the proposal violates basic principles of fairness, as no other organizations, whether profit-making or non-profit, bear such onerous financial reporting obligations as the Department seeks to impose on unions. Third - although not least important - the Department's proposal will be entirely ineffective in achieving its purported goals of transparency and deterring fraud and embezzlement. For all of these reasons, the proposal lacks any justification. Before I address each of these issues, I want to reiterate that the AFL - CIO and its affiliates deplore the misuse of union members ' dues wherever and whenever it occurs. There is no contradiction, however, between our staunch opposition to fraud and embezzlement and our equally staunch opposition to the Department of Labor's proposal. On the contrary, precisely because of our commitment to union financial integrity we oppose rules that would divert union members ' dues from their in-tended purpose of providing strong and effective workplace representation and redi-rect them into costly, time-consuming, and irrational reporting. STATUTORY AND REGULATORY BACKGROUND Congress passed the LMRDA in 1959. Expressing support for the Act, George Meany stated in his testimony before the House Labor Committee, ' ' if the powers conferred [ in the LMRDA ] are vi...
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