[Congressional Record (Bound Edition), Volume 153 (2007), Part 21]
[Senate]
[Page 29067]
[From the U.S. Government Publishing Office, www.gpo.gov]




           NATIONAL GUARD AND RESERVISTS FINANCIAL RELIEF ACT

  Mrs. DOLE. Mr. President, I ask for all of my colleagues to join me 
in support of Senate approval of the National Guard and Reservists 
Financial Relief Act. This is a bipartisan effort to extend a critical 
benefit to our National Guard and reservists, many of whom are serving 
in Iraq and Afghanistan. Section 827 of the Pension Protection Act of 
2006 allows guardsmen and reservists called to active duty for at least 
6 months to make penalty-free early withdrawals from their IRA, 401(k), 
or 403(b) retirement accounts. This provision expires in less than 2 
months, and my bill would make this benefit permanent for our 
servicemembers and their families.
  Our guardsmen and reservists always stand ready to put their lives on 
hold and answer the call of duty. They can face lengthy deployments 
that can cause major financial strains for their families, which only 
adds to the emotional stress these families face during extended 
separation from a loved one. In fact, according to a GAO report, nearly 
41 percent of reservists are affected by a pay discrepancy between 
their military and civilian salaries.
  National Guard and reservists account for approximately half of all 
U.S. military personnel. Since September 11, 2001, more than 443,000 
guardsmen and reservists have been deployed in support of the global 
war on terror, including nearly 93,000 currently deployed mainly to 
Iraq and Afghanistan. Congress should take decisive action to ensure 
that this benefit does not expire for these fine young men and women 
should they find themselves in a deployment-related financial crunch.
  The Reserve Officers Association strongly supports the continuation 
of this tax relief measure. I also thank my colleague, Senator Lincoln, 
for cosponsoring this legislation, and I add that a similar provision 
included in the Pension Protection Act received broad bipartisan 
support.
  Shortly, Congress will adjourn for 2 weeks for the Thanksgiving 
recess. This means there is limited opportunity to act to extend this 
assistance to those who have answered the call to serve. I ask every 
Member who I know cares about our Guard members, reservists, and their 
families to support my legislation that this important benefit 
continues.
  I yield the floor.
  The ACTING PRESIDENT pro tempore. The Senator from Tennessee.

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