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Ways And Means Schedules Defined Contribution Hearing

By Staff Writer

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NU Online News Service, Feb. 13, 3:45 p.m. – The U.S. House Ways and Means Committee has scheduled a hearing on retirement security and defined contribution plans for 2 p.m. Feb. 26 in the main committee hearing room at 1100 Longworth House Office Building.

The committee will hear oral testimony only from invited witnesses, but other individual organizations can submit written statements.

Defined contribution pension plans “have provided workers with important advantages, including the opportunity for increased retirement income and more portability,” Rep. Bill Thomas, R-Bakersfield, Calif., chairman of the committee, says in a statement accompanying the hearing notice.

But defined contributions also shift more risk to the employee, Thomas says.

“As defined contribution plans become more and more popular, we need to evaluate the laws that govern them to ensure we are maximizing retirement security while minimizing undue regulatory burdens that may discourage employers from offering these plans,” Thomas says.

The hearing notice is available on the Web, at http://waysandmeans.house.gov/fullcomm/107cong/fc-15.htm