ADVISORY
FROM THE COMMITTEE ON WAYS AND MEANS

Subcommittee on Oversight

Houghton Announces Hearing on Retirement Security and Defined Benefit Pension Plans

Congressman Amo Houghton (R-NY), Chairman, Subcommittee on Oversight of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing to explore retirement security issues relating to defined benefit (DB) pension plans.  The hearing will take place on Tuesday, June 18, 2002, in the main Committee hearing room, 1100 Longworth House Office building, beginning at 11:00 a.m.

In view of the limited time available to hear witnesses, oral testimony at this hearing will be from invited witnesses only.  Witnesses will include a representative from the Pension Benefit Guarantee Corporation and other defined benefit pension experts.  However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.

BACKGROUND:

This hearing will examine issues related to and recommendations for improving DB pension plans.  This will be the third hearing the Committee on Ways and Means will hold this year on retirement security.  On February 26, 2002, the full Committee held a hearing on retirement security and defined contribution plans, and on March 5, 2002, the Oversight Subcommittee held a hearing on employee and employer views on retirement security, focusing on defined contribution plans.

In announcing the hearing Chairman Houghton stated, “In our continuing review of employee retirement security, the Oversight Subcommittee will hear about the strengths and weaknesses of defined benefit pension plans.  Recently, there has been an increase in the number of employers offering defined contribution plans.  It is important for Congress to learn why employers have shifted away from defined benefit pension plans and the effect of this shift on retirement security.” 

FOCUS OF THE HEARING:

The hearing will focus on retirement security issues specifically related to DB pension plans.  Specifically, the hearing will examine the role of DB pension plans in retirement security, rules and regulations governing DB pension plans, the advantages and disadvantages of offering and participating in such plans, and recommendations for improving DB plan participation.

DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:

Please Note:  Due to the change in House mail policy, any person or organization wishing to submit a written statement for the printed record of the hearing should send it electronically to hearingclerks.waysandmeans@mail.house.gov, along with a fax copy to (202) 225-2610, by the close of business, Tuesday, July 2, 2002.  Those filing written statements who wish to have their statements distributed to the press and interested public at the hearing should deliver their 200 copies to the Subcommittee on Oversight in room 1136 Longworth House Office Building, in an open and searchable package 48 hours before the hearing.  The U.S. Capitol Police will refuse sealed-packaged deliveries to all House Office Buildings.

FORMATTING REQUIREMENTS:

Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below.  Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.

1.   Due to the change in House mail policy, all statements and any accompanying exhibits for printing must be submitted electronically to hearingclerks.waysandmeans@mail.house.gov, along with a fax copy to (202) 225-2610, in Word Perfect or MS Word format and MUST NOT exceed a total of 10 pages including attachments.  Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record. 

2.  Copies of whole documents submitted as exhibit material will not be accepted for printing.  Instead, exhibit material should be referenced and quoted or paraphrased.  All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.

3.  Any statements must include a list of all clients, persons, or organizations on whose behalf the witness appears.  A supplemental sheet must accompany each statement listing the name, company, address, telephone and fax numbers of each witness.

Note:  All Committee advisories and news releases are available on the World Wide Web at http://waysandmeans.house.govv.

The Committee seeks to make its facilities accessible to persons with disabilities. If you are in need of special accommodations, please call (202) 225-1721 or (202) 226-3411 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above.