Latest News

Washington, DC - On Wednesday, an amendment proposed by Congressman Brett Guthrie (KY-02) passed the House Committee on Education and Labor that will help make retirement plans more secure for Kentucky workers.  The amendment continues efforts to fully fund retirement benefits for workers while providing much-needed relief to ease the financial burden on the employers that provide the benefits.

“I am pleased to have negotiated a bipartisan compromise that makes certain workers receive their pensions while at the same time making it easier for employers to fully fund the pensions in a tumultuous economy,” Guthrie said.  “This is a win for both Kentucky workers and their employers.”

“I commend Congressman Guthrie for his leadership in giving Americans a more secure retirement with his successful amendment today,” Rep. John Kline, the committee’s top Republican, said.  “Congressman Guthrie’s proposal provides the type of targeted, temporary relief that is needed to help employers weather the financial storm while remaining committed to fully funding their workers’ pensions.”

The amendment, which is now part of the 401(k) Fair Disclosure and Pension Security Act of 2009, provides employers with an additional two years to repay their recent losses to the defined benefit pension plans they provide.  It also provides that plans only have to pay interest on these losses for the first two years, ensuring that we do not create a deeper pension funding shortfall.