SENATOR CARDIN APPLAUDS SENATE PASSAGE OF AMENDMENT TO ENSURE FUNDING FOR DEFINED BENEFIT PENSION PLANS
Senator’s goal is to avoid plan terminations
WASHINGTON – U.S. Senator Benjamin L. Cardin (D-MD) today praised Senate passage of an amendment he authored with Senator Johnny Isakson (R-GA) that will encourage companies to continue their defined benefit pension programs by giving them greater flexibility in managing their pension obligations during this difficult economic downturn.
“Defined benefits plans are an important part of retirement planning and it is important to ensure the viability of the pension security system and to give retirees the benefits they have been promised,” said Senator Cardin, a strong advocate of improving retiree benefits. “This amendment provides temporary support for companies facing difficult economic challenges and it will ensure that workers will have the resources they need in retirement.”
Under the main provision of the amendment, employers would be allowed to choose from two options to spread out their pension obligations. Under the first option, employers would be able to repay their pension shortfall over seven years, but the seven-year amortization would start two years late. During the two-year delay period, the employer would only owe interest on the shortfall. Under the second option, employers would be able to pay back their pension shortfall over 15 years.
The amendment also removes a punitive provision that would impose an unfair burden on companies such as General Motors as they struggle to retain jobs during this economic downturn. It also provides union-managed, multi-employer plans the flexibility they need to continue to fund benefits and ensure retirement security for their workers.
–##–
CARDIN SIGNS ON AS ORIGINAL COSPONSOR OF BILL TO REPEAL “DON’T ASK, DON’T TELL”
Washington, DC – U.S. Senator Benjamin L. Cardin (D-MD) has announced his support as an original cosponsor for legislation introduced Wednesday to repeal the “Don’t Ask, Don’t Tell” policy. The Military Readiness Enhancement Act of 2010, authored by Senator Joe Lieberman (I-CT), contains three main provisions: (1) it will repeal the law that prevents gay Americans from openly serving in the military, (2) prohibit discrimination against current and prospective service members on the basis of sexual orientation, and (3) promote the ability of college students who wish to serve our country to join Reserve Officer Training Corps units at universities that currently prevent the establishment of ROTC units on campus.
“We should be grateful for the bravery and sacrifice of our soldiers, sailors, airmen and Marines – gay or straight – who defend our nation. Sexual orientation, race, religion or gender, should never be used to determine the contributions any man or woman makes to our military. I am proud to stand with my colleagues in calling for the repeal of ‘Don’t Ask, Don’t Tell,’ which runs contrary to the core American belief of equality,” said Senator Cardin.
###
FOR IMMEDIATE RELEASE
CONTACT: Susan Sullam, 410-962-4436
February 26, 2010
SENATOR CARDIN BLASTS HOLD UP OF VOTE ON EXTENDING UI & COBRA BENEFITS
WASHINGTON – U.S. Senator Benjamin L. Cardin (D-MD) today strongly criticized tactics that have delayed a vote on passing emergency legislation to extend unemployment insurance (UI) and COBRA health care benefits that are scheduled to expire this Sunday. One Republican senator has blocked a vote on the emergency legislation, despite the Democratic leadership’s willingness to allow him to offer amendments.
“This is not a game for millions of Americans who depend on their UI benefits and receive their health care through COBRA in these difficult economic times,” said Senator Cardin, a member of the Senate Budget Committee. “Failure to pass this emergency legislation means that more than 90,000 Marylanders will lose their UI benefits – at least temporarily. This is money that helps feed families, pays health care bills, and helps keep Maryland families in their homes. Blocking the extension is not the right course of action and I call for an end to delaying tactics that are harming millions of Americans who are already suffering through the worst economic downturn since the Great Depression.
“This emergency legislation also contains an extension of the current Medicare payment for physicians, which is scheduled to be reduced by 21 percent. It also extends Medicare therapy cap exceptions, which millions of Medicare beneficiaries rely on to get the outpatient therapy services they need. Failure to pass this emergency extension could jeopardize medical treatment for millions of patients.”
–##–
Flickr Photostream
