Two congressmen are asking that the Treasury Department be allowed to finalize cash balance pension plan rules. The House Appropriations Subcommittee on Transportation, Treasury and Independent Agencies is considering restrictions on such rules in a Treasury spending bill.
Reps. Bill Thomas, R-Calif., and John Boehner, R-Ohio, object to those restrictions. "The cash balance amendments in H.R. 2989 - which were not approved or considered by the committees of jurisdiction - would have a deleterious effect on millions of workers who currently participate in these plans. Moreover, the amendments are inconsistent with previous court cases and with proposed Treasury regulations, which were issued in December 2002," Messrs. Thomas and Boehner wrote to subcommittee Chairman Rep. Ernest J. Istook Jr., R-Okla.