[Congressional Record Volume 146, Number 96 (Friday, July 21, 2000)]
[Extensions of Remarks]
[Page E1291]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        COMPREHENSIVE RETIREMENT SECURITY AND PENSION REFORM ACT

                                 ______
                                 

                               speech of

                          HON. JOSEPH CROWLEY

                              of new york

                    in the house of representatives

                        Wednesday, July 19, 2000

  Mr. CROWLEY. Mr. Speaker, I strongly support doing everything 
possible to strengthen retirement savings and help Americans achieve a 
secure retirement. The first task before us here in Congress is to 
ensure that Social Security will be solvent well into the future. My 
Democratic colleagues and I are working hard to achieve this goal. Our 
second task is to make it easier for the American people to save for 
their retirement.
  Today there are over 35 million people over the age 65. By 2050, the 
number of people aged 65 and older is estimated to rise above 81 
million. We must do everything possible to strengthen individual 
retirement savings that help Americans achieve a financially secure 
retirement. Additionally, we must help employers establish and maintain 
employee retirement plans. The Comprehensive Retirement Security and 
Pension Reform Act, of which I am a cosponsor, contains provisions to 
increase IRA's and help small employers offer pension plans, as well as 
other changes to make it easier for Americans to save.
  Introduced by Representatives Portman and Cardin, H.R. 1102 increases 
the amount that individuals may contribute to traditional and Roth 
Individual Accounts (IRA's) from $2000 to $5000. Additionally, H.R. 
1102 will encourage small employers to provide pension coverage by 
streamlining regulations and making it less expensive for small 
employers to set up pension plans and increasing their allowable 
contributions. H.R. 1102 will also enhance retirement security by 
reducing pension vesting requirements to three years; make retirement 
savings portable when workers change jobs; and allowing older workers 
to make catch up contributions to retirement savings plans. 
Additionally, it helps individuals with several employers by changing 
the regulation to eliminate the 100% of average compensation for the 
highest three-year provision under multi-employer pension plans.
  I firmly believe that H.R. 1102 helps hard working middle class 
families plan for their retirement. This legislation received 
widespread, bipartisan support from Members of Congress and employer 
and employee organizations and unions.
  I also supported the Neal substitute, as I believe it is important to 
ensure that lower income families receive the benefits of this 
legislation. However, I support final passage of the Portman-Cardin 
bill because I believe it will help many Americans earning below 
$50,000 a year by allowing them to put away up to $5000 a year in IRA 
and to increase the limits on their employer pensions.
  Mr. Speaker, I urge passage of the Comprehensive Retirement Security 
and Pension Reform Act.

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