[Congressional Record Volume 150, Number 134 (Friday, November 19, 2004)]
[Senate]
[Page S11621]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               H.R. 5365

  Mr. GRAHAM of Florida. Mr. President, I urge my colleagues to support 
H.R. 5365, a bill that will ensure the continuation of YMCA pension 
plan that has provided participants retirement security for more than 
80 years. The Senate passed a bill, S. 2589, that Senator Bunning and I 
worked to move earlier this year. The House of Representatives has now 
sent over a bill introduced by Representatives English and Pomeroy that 
closely follows the intent of the Senate bill. I am pleased that this 
effort has been a bipartisan one in both bodies of Congress. I hope 
this legislation will be enacted promptly.
  I also thank Finance Committee Chairman Grassley and Ranking Member 
Baucus for their assistance in bringing this bill to the floor today. 
The YMCA pension plan is an excellent example of how retirement 
security can be provided through employer-sponsored plans.
  This is a bill about protecting the retirement security for thousands 
of YMCA employees and retirees. There are 27 YMCA's in Florida, over 
977,843 members and over 4,400 plan participants and retirees. The 
retirement security provided by the YMCA pension plan is critical to 
these people and their families, as well as over 80,000 plan 
participants across the country.
  This country could learn much from the retirement security provided 
by the YMCA pension plan. As I have stated, the YMCA pension plan is a 
very significant part of each YMCA employee's compensation package, 
most of who are modestly paid. The YMCA pension plan exemplifies how 
our Nation should think about providing solid, substantial retirement 
security.
  I also want to extend my thanks to the Treasury Department and IRS, 
for their patience while the Congress worked through finding a solution 
to ensure the YMCA pension plan could continue to offer the benefits to 
its participants and retirees.
  In closing, I encourage all of my colleagues in the Senate to support 
this bill, and I am pleased that we are moving forward with this 
legislation today and look forward to its enactment soon.

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