[Congressional Record Volume 147, Number 58 (Wednesday, May 2, 2001)]
[House]
[Pages H1745-H1747]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   PROVIDING FOR CONSIDERATION OF H.R. 10, COMPREHENSIVE RETIREMENT 
                SECURITY AND PENSION REFORM ACT OF 2001

  Mr. REYNOLDS. Mr. Speaker, by direction of the Committee on Rules, I 
call up House Resolution 127 and ask for its immediate consideration.
  The Clerk read the resolution, as follows:

                              H. Res. 127

       Resolved, That upon the adoption of this resolution it 
     shall be in order without intervention of any point of order 
     to consider in the House the bill (H.R. 10) to provide for 
     pension reform, and for other purposes. The bill shall be 
     considered as read for amendment. In lieu of the amendment 
     recommended by the Committee on Ways and Means and the 
     amendment recommended by the Committee on Education and the 
     Workforce now printed in the bill, the amendment in the 
     nature of a substitute printed in the Congressional Record 
     and numbered 1 pursuant to clause 8 of rule XVIII shall be 
     considered as adopted. The previous question shall be 
     considered as ordered on the bill, as amended, and on any 
     further amendment thereto to final passage without 
     intervening motion except: (1) 90 minutes of debate on the 
     bill, as amended, with 60 minutes equally divided and 
     controlled by the chairman and ranking minority member of the 
     Committee on Ways and Means and 30 minutes equally

[[Page H1746]]

     divided and controlled by the chairman and ranking minority 
     member of the Committee on Education and the Workforce; (2) 
     the further amendment printed in the report of the Committee 
     on Rules accompanying this resolution, which may be offered 
     only by a Member designated in the report, shall be in order 
     without intervention of any point of order, shall be 
     considered as read, and shall be separately debatable for one 
     hour equally divided and controlled by the proponent and an 
     opponent; and (3) one motion to recommit with or without 
     instructions.

  The SPEAKER pro tempore (Mr. Bass). The gentleman from New York (Mr. 
Reynolds) is recognized for 1 hour.
  Mr. REYNOLDS. Mr. Speaker, for the purpose of debate only, I yield 
the customary 30 minutes to the gentlewoman from New York (Ms. 
Slaughter), pending which I yield myself such time as I may consume. 
During consideration of this resolution, all time yielded is for the 
purpose of debate only.
  (Mr. REYNOLDS asked and was given permission to revise and extend his 
remarks, and include extraneous material.)
  Mr. REYNOLDS. Mr. Speaker, last night the Committee on Rules met and 
granted a modified closed rule for H.R. 10, the Comprehensive 
Retirement Security and Pension Reform Act of 2001. The rule provides 
for 90 minutes of general debate with 60 minutes equally divided and 
controlled by the chairman and the ranking member of the Committee on 
Ways and Means, and 30 minutes equally divided and controlled by the 
chairman and ranking member of the Committee on Education and the 
Workforce.
  Additionally, the rule waives all points of order against 
consideration of the bill and against consideration of the amendment 
printed in the report.
  The rule provides that in lieu of the amendments recommended by the 
Committee on Ways and Means and the Committee on Education and the 
Workforce, the amendment in the nature of a substitute printed in the 
Congressional Record and numbered 1 shall be considered as adopted.
  The rule also provides for consideration of the amendment in the 
nature of a substitute, printed in the Committee on Rules report, if 
offered by the gentleman from New York (Mr. Rangel) or his designee, 
which shall be considered as read and shall be separately debatable for 
1 hour, equally divided and controlled between a proponent and an 
opponent.
  Finally, the rule provides for one motion to recommit with or without 
instructions.
  Mr. Speaker, this is a fair rule for reform of our Nation's pension 
and retirement security laws. This is clearly a balanced, bipartisan 
measure and this rule provides for a minority substitute and 
comprehensive debate.
  Mr. Speaker, in the Second Century, B.C., Cato the Elder, a Roman 
statesman, orator and writer, noted that ``cessation of work is not 
accompanied by cessation of expenses.''
  In the next 15 years, some 76 million baby boomers will retire. But 
less than 40 percent of these retirees have invested enough to enjoy a 
comfortable, secure retirement.
  While people are living longer and healthier lives, our retirement 
systems simply have not kept pace. According to the Department of 
Labor, nearly half of all private sector workers will have no pension 
coverage, and only one-fifth of small businesses with 25 or fewer 
employees offer a pension plan.
  Individual Retirement Accounts provide a critically needed source of 
retirement savings for millions of workers currently lacking pension 
coverage, including the self-employed, part-time workers, and many 
small business employees. These are not the very wealthy, but instead, 
hard-working, middle-income Americans who would invest and save more 
money if only it was not for one significant barrier in their way, 
government regulations.
  The $2,000 IRA contribution limit has not been changed since 1981, 
and a lot has happened in 20 years. The absence of growth in retirement 
coverage since 1980 is simply unacceptable.
  Since 1990, pension coverage has declined from 40 to 33 percent among 
workers making less than $20,000; and despite record surpluses in the 
Federal Government, the personal savings rate has dropped every year 
since 1992 and is at its lowest point in 66 years.
  Currently, these high costs and complicated requirements prevent many 
employers from offering retirement options to their employees. It is 
time that we simplify the regulatory barriers and update our retirement 
systems. Let us make it easier for employers to help their employees 
and easier for employees to help themselves.
  The underlying bipartisan bill is critical to the financial and 
retirement security of countless Americans. H.R. 10 will strengthen 
Individual Retirement Accounts, 401(k) plans and small business 
retirement plans, finally bringing retirement savings to the 21st 
century.

  The Comprehensive Retirement Security and Pension Reform Act 
increases the old IRA contribution limit from $2,000 to $5,000 over the 
next 3 years for both traditional and Roth IRAs.
  One of the most important measures of H.R. 10 is that it includes a 
fairness provision to allow workers over 50 years of age to catch up in 
contributions for 401(k) plans by increasing the contribution level 
immediately.
  This bipartisan measure will remove excessive, burdensome and 
unnecessary Federal regulations, providing relief to American 
businesses and workers by encouraging small businesses to offer pension 
plans. By removing these restrictions, Americans will be allowed the 
freedom to invest in their future as never before.
  Mr. Speaker, H.R. 10 is a fair, balanced, and bipartisan plan that 
will help millions of Americans. I would like to commend the chairman 
of the Committee on Ways and Means, the gentleman from California (Mr. 
Thomas), and the ranking member, the gentleman from New York (Mr. 
Rangel) for their hard work on this measure.
  In addition, I would like to commend the gentleman from Ohio (Mr. 
Portman), and the gentleman from Maryland (Mr. Cardin), the sponsors of 
underlying legislation for their dedication to pension and retirement 
reform.
  Mr. Speaker, I would like to remind this body that nearly an 
identical measure had overwhelming bipartisan support in the 106th 
Congress. I urge my colleagues to once again support this fair rule.
  Mr. Speaker, I reserve the balance of my time.
  Ms. SLAUGHTER. Mr. Speaker, I yield myself such time as I may 
consume.
  (Ms. SLAUGHTER asked and was given permission to revise and extend 
her remarks.)
  Ms. SLAUGHTER. Mr. Speaker, I thank the gentleman from New York for 
yielding me the customary 30 minutes.
  Mr. Speaker, this is a modified closed rule. H.R. 10 deserves full 
and open debate, and an open rule would have ensured that no one would 
have been shut out of the process.
  The gentlewoman from New York (Ms. Velazquez) would have been able to 
offer her amendment to make the benefits of the underlying bill 
available to employees of small businesses; and the gentlewoman from 
Maryland (Mrs. Morella) would have been able to offer her amendment to 
make Federal employees eligible to participate in the benefits of the 
underlying bill.
  Nevertheless, Mr. Speaker, I strongly support expanding opportunities 
for working Americans to save for their retirement, which are the 
underlying goals for H.R. 10. Congress must ensure that no segment of 
our workforce is excluded from the opportunity to financially improve 
their retirement years.
  The pressure to save adequately for retirement affects all working 
Americans. H.R. 10 includes a number of provisions which improve 
current protections for workers and retirees. It encourages rollovers 
of pension plans when workers switch employment, and eliminates 
compensation caps that unfairly affect pension benefits of rank-and-
file workers.
  Specifically, H.R. 10 increases the annual IRA contributions from 
$2,000 to $5,000. It increases the amount that individuals can 
contribute to 401(k) plans from $10,000 up to $15,000. Also, it allows 
taxpayers age 50 and above to contribute an additional $5,000 to an 
IRA. The bill allows workers to become vested and eligible for 
employer-matching contributions in 3 years rather than 5.
  Currently, more people are joining the workforce than are receiving 
pension coverage. Only half of the workforce is covered by a pension 
plan. And worse, there is reason to believe that it

[[Page H1747]]

will not provide them with an adequate level of supplemental income in 
retirement.
  Although there is insufficient data to measure contributions and 
benefits, data from the Federal Reserve shows pension plan 
contributions declining by 50 percent in recent years. The underlying 
bill could be strengthened to ensure opportunities for those low- and 
moderate-income workers with few or no opportunities to save. We must 
continue to work together to improve this aspect of the bill.
  Statistics confirm that low-income workers are far less likely to 
participate in an employment-based retirement saving plan than workers 
with higher incomes, even when the plan is available to them. Only 29 
percent of full-time workers with earnings below $20,000 annually are 
covered by pensions. On the other hand, 76 percent of those earning 
above $60,000 annually have coverage.
  During consideration of the underlying bill, my colleagues, the 
gentleman from New York (Mr. Rangel) and the gentleman from 
Massachusetts (Mr. Neal) will offer a substitute which incorporates the 
text of H.R. 10, as well as provisions to encourage the participation 
of low-income workers.
  Specifically, the substitute provides a refundable credit for low- 
and middle-income workers who save for their retirement; and it makes 
small business employees eligible to claim a tax credit for 
establishing a qualified pension plan. That is most important.
  Mr. Speaker, I urge my colleagues to support these important 
improvements to the bill.
  Mr. Speaker, I yield back the balance of my time.
  Mr. REYNOLDS. Mr. Speaker, I yield back the balance of my time, and I 
move the previous question on the resolution.
  The previous question was ordered.
  The SPEAKER pro tempore. The question is on the resolution.
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Ms. SLAUGHTER. Mr. Speaker, I object to the vote on the ground that a 
quorum is not present and make the point of order that a quorum is not 
present.
  The SPEAKER pro tempore. Evidently a quorum is not present.
  The Sergeant at Arms will notify absent Members.
  Pursuant to clause 8 of rule XX, this 15-minute vote on adopting the 
resolution will be followed by a 5-minute vote on approving the 
Journal.
  The vote was taken by electronic device, and there were--yeas 404, 
nays 24, not voting 3, as follows:

                             [Roll No. 92]

                               YEAS--404

     Abercrombie
     Ackerman
     Aderholt
     Akin
     Allen
     Andrews
     Armey
     Baca
     Bachus
     Baird
     Baker
     Baldacci
     Baldwin
     Ballenger
     Barcia
     Barr
     Barrett
     Bartlett
     Barton
     Bass
     Becerra
     Bentsen
     Bereuter
     Berkley
     Berman
     Berry
     Biggert
     Bilirakis
     Bishop
     Blagojevich
     Blumenauer
     Blunt
     Boehlert
     Boehner
     Bonilla
     Bonior
     Bono
     Borski
     Boswell
     Boucher
     Boyd
     Brady (PA)
     Brady (TX)
     Brown (FL)
     Brown (OH)
     Brown (SC)
     Bryant
     Burr
     Burton
     Buyer
     Callahan
     Calvert
     Camp
     Cannon
     Cantor
     Capito
     Capps
     Capuano
     Cardin
     Carson (IN)
     Carson (OK)
     Castle
     Chabot
     Chambliss
     Clay
     Clayton
     Clement
     Clyburn
     Coble
     Collins
     Combest
     Condit
     Cooksey
     Costello
     Cox
     Coyne
     Cramer
     Crane
     Crenshaw
     Crowley
     Cubin
     Culberson
     Cummings
     Cunningham
     Davis (CA)
     Davis (FL)
     Davis (IL)
     Davis, Jo Ann
     Davis, Tom
     Deal
     DeGette
     Delahunt
     DeLauro
     DeLay
     DeMint
     Diaz-Balart
     Dicks
     Dingell
     Doggett
     Dooley
     Doolittle
     Doyle
     Dreier
     Duncan
     Dunn
     Edwards
     Ehlers
     Ehrlich
     Emerson
     Engel
     English
     Eshoo
     Etheridge
     Evans
     Everett
     Farr
     Fattah
     Ferguson
     Flake
     Fletcher
     Foley
     Ford
     Fossella
     Frelinghuysen
     Frost
     Gallegly
     Ganske
     Gekas
     Gephardt
     Gibbons
     Gilchrest
     Gillmor
     Gilman
     Gonzalez
     Goode
     Goodlatte
     Gordon
     Goss
     Graham
     Granger
     Graves
     Green (TX)
     Green (WI)
     Greenwood
     Grucci
     Gutierrez
     Gutknecht
     Hall (OH)
     Hall (TX)
     Hansen
     Harman
     Hart
     Hastings (WA)
     Hayes
     Hayworth
     Hefley
     Herger
     Hill
     Hilleary
     Hinojosa
     Hobson
     Hoeffel
     Hoekstra
     Holden
     Holt
     Honda
     Hooley
     Horn
     Hostettler
     Houghton
     Hoyer
     Hulshof
     Hunter
     Hutchinson
     Hyde
     Inslee
     Isakson
     Israel
     Issa
     Istook
     Jackson (IL)
     Jackson-Lee (TX)
     Jefferson
     Jenkins
     John
     Johnson (IL)
     Johnson, E. B.
     Johnson, Sam
     Jones (NC)
     Jones (OH)
     Kanjorski
     Kaptur
     Keller
     Kelly
     Kennedy (MN)
     Kennedy (RI)
     Kerns
     Kildee
     Kilpatrick
     Kind (WI)
     King (NY)
     Kingston
     Kirk
     Kleczka
     Knollenberg
     Kolbe
     Kucinich
     LaFalce
     LaHood
     Lampson
     Langevin
     Lantos
     Largent
     Larsen (WA)
     Larson (CT)
     Latham
     LaTourette
     Leach
     Levin
     Lewis (CA)
     Lewis (GA)
     Lewis (KY)
     Linder
     Lipinski
     LoBiondo
     Lofgren
     Lowey
     Lucas (KY)
     Lucas (OK)
     Luther
     Maloney (CT)
     Maloney (NY)
     Manzullo
     Markey
     Mascara
     Matheson
     McCarthy (MO)
     McCarthy (NY)
     McCollum
     McCrery
     McHugh
     McInnis
     McIntyre
     McKeon
     McKinney
     McNulty
     Meehan
     Meek (FL)
     Meeks (NY)
     Menendez
     Mica
     Millender-McDonald
     Miller (FL)
     Miller, Gary
     Miller, George
     Mink
     Mollohan
     Moore
     Moran (KS)
     Moran (VA)
     Morella
     Murtha
     Myrick
     Nadler
     Napolitano
     Nethercutt
     Ney
     Northup
     Norwood
     Nussle
     Ortiz
     Osborne
     Ose
     Otter
     Oxley
     Pallone
     Pascrell
     Pastor
     Paul
     Payne
     Pelosi
     Pence
     Peterson (MN)
     Peterson (PA)
     Petri
     Phelps
     Pickering
     Pitts
     Platts
     Pombo
     Pomeroy
     Portman
     Price (NC)
     Pryce (OH)
     Putnam
     Quinn
     Radanovich
     Rahall
     Ramstad
     Rangel
     Regula
     Rehberg
     Reyes
     Reynolds
     Riley
     Rivers
     Rodriguez
     Roemer
     Rogers (KY)
     Rogers (MI)
     Rohrabacher
     Ros-Lehtinen
     Ross
     Rothman
     Roukema
     Roybal-Allard
     Royce
     Rush
     Ryan (WI)
     Ryun (KS)
     Sanchez
     Sandlin
     Sawyer
     Saxton
     Scarborough
     Schaffer
     Schakowsky
     Schiff
     Schrock
     Scott
     Sensenbrenner
     Serrano
     Sessions
     Shadegg
     Shaw
     Shays
     Sherman
     Sherwood
     Shimkus
     Shows
     Simmons
     Simpson
     Skeen
     Skelton
     Slaughter
     Smith (MI)
     Smith (NJ)
     Smith (TX)
     Smith (WA)
     Snyder
     Solis
     Souder
     Spence
     Spratt
     Stearns
     Stenholm
     Strickland
     Stump
     Stupak
     Sununu
     Sweeney
     Tancredo
     Tanner
     Tauscher
     Tauzin
     Taylor (MS)
     Taylor (NC)
     Terry
     Thomas
     Thompson (CA)
     Thompson (MS)
     Thornberry
     Thune
     Thurman
     Tiberi
     Toomey
     Towns
     Traficant
     Turner
     Udall (CO)
     Udall (NM)
     Upton
     Velazquez
     Vitter
     Walden
     Walsh
     Wamp
     Watkins
     Watts (OK)
     Waxman
     Weiner
     Weldon (FL)
     Weldon (PA)
     Weller
     Wexler
     Whitfield
     Wicker
     Wilson
     Wolf
     Woolsey
     Wu
     Wynn
     Young (AK)
     Young (FL)

                                NAYS--24

     Conyers
     DeFazio
     Deutsch
     Filner
     Frank
     Hastings (FL)
     Hilliard
     Hinchey
     Lee
     Matsui
     McDermott
     McGovern
     Neal
     Oberstar
     Obey
     Olver
     Owens
     Sabo
     Sanders
     Stark
     Tierney
     Visclosky
     Waters
     Watt (NC)

                             NOT VOTING--3

     Johnson (CT)
     Moakley
     Tiahrt

                              {time}  1139

  Messrs. McDERMOTT, HASTINGS of Florida, NEAL of Massachusetts, 
DEUTSCH, TIERNEY, OLVER, McGOVERN, and Ms. LEE changed their vote from 
``yea'' to ``nay.''
  Mr. LARSON of Connecticut changed his vote from ``nay'' to ``yea.''
  So the resolution was agreed to.
  The result of the vote was announced as above recorded.
  A motion to reconsider was laid on the table.

                          ____________________