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March 04, 2007 at 02:00 PM
Insurance industry officials say they are “making significant progress” in explaining to members of Congress the inappropriateness of changing laws relating to deferred compensation packages as contained in the Senate version of minimum wage legislation.
At the same time, the industry officials caution that even if the deferred compensation provision contained in the Senate version of the bill does not make it into law, “it is likely to come up again as legislators seek to find ‘revenue raisers’ for tax policy priorities in subsequent tax bills in this Congress,” according to David Stertzer, CEO of the Association for Advanced Life Underwriting.
The Senate passed a bill in early February containing the deferred compensation provision, but companion legislation that passed in the House Feb. 16 did not include the provision.
Stertzer said that congressional staffers and legislators have already begun preparing for a conference to reconcile the differing bills, and “the size of the tax package is currently the central issue in this debate.”
