Members of the Senate Finance Committee say Congress probably will change the non-qualified deferred compensation plan provisions now in the Senate version of H.R. 2.
The non-qualified deferred comp provisions that the Senate Finance Committee added to the minimum wage bill turned out to be broader than senators had expected, Sen. Ron Wyden, D-Ore., a Democratic committee member of the Senate Finance Committee, said Wednesday on CNBC.
Senators now want to revise the provisions to target only top executives, Wyden said.
Sen. Charles Grassley, R-Iowa, and Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, “will work to get that done in conference,” Wyden said.
The Senate is preparing to vote on H.R. 2 later today.
The bill would increase the federal minimum wage to $7.25, from $5.15, over 2 years.