UPDATE, 28 MAY: At approximately 11:00 AM PDT, the House brought H.R. 4213, The American Jobs and Tax Loopholes Act to the floor. The House approved the bill by a vote of 215 to 204, with 13 Representatives not voting, and the legislation now moves to the Senate for consideration.
This legislation provides important, but modest adjustments to funding requirements so plan sponsors will not have to choose between making forced cash contributions, freezing plans or cutting jobs. H.R. 4213 makes simple adjustments to the amount of time a plan can make up losses over time and relief on funding-level restrictions, among other provisions. Funding relief provisions will save taxpayers $2 billion.
A broad coalition of pension plans has worked for months to encourage legislators to enact this legislation, in order to provide the most favorable language possible for these plans.
With the House and Senate in recess until June 7, chcek back for updates regarding this important legislation. There will be additional opportunities to call, fax and e-mail your Senators and demand the passage of this bill.
The New York State Nurses Association is the voice for nursing in the Empire State. With more than 37,000 members, it is the state's largest professional association and largest union for registered nurses. It supports nurses and nursing practice through education, research, legislative advocacy, and collective bargaining.