US House Shows Appreciation For Cole Votes to send Back to Work Incentive and Pension Security to House Floor

Washington DC- Getting approval from committee members today is a bill designed to give workers more options on pension plans. Also, leaving the committee after a full committee meeting that lasted most of Wednesday is a bill that will create back to work incentive accounts. With the slow economy and corporate scandals resting on their shoulders, Congressman Tom Cole and the Education and Workforce Committee made sure these two bills would see the House floor early this congressional session.

"We have spent all day yesterday and this morning going over two bills that I believe will be key components in helping our economy and protecting our state's workers. With the unexpected loss of retirement savings over the past year, we have seen how important it is for everyone to have options, diversity and sound advice when choosing a retirement plan. The Pension Security Act gives workers that kind of security and opportunity," Congressman Tom Cole said.

The Pension Security Act of 2003(H.R. 1000) will require employers to give employees quarterly benefit statements with account information and options. It also encourages companies to offer advisors to employees to give investment advice beneficial to the employee. Employees will also be given the right after three years to sell company stock to diversify their portfolio.

The Pension Security Act also contains provisions, such as electronic delivery of the investment notifications and transition rules that will attempt to lighten the burden of the new stipulations on employers.

"Yesterday we voted on the Back to Work Incentive Act which will provide flexible personal accounts for unemployed workers to be used to aid in their job hunting process. The proposal is for the money to be used for job training or childcare, services that if not available would hinder the transition into a new job," Congressman Cole said.

The Back to Work Incentive Act of 2003 (H.R. 444) would authorize $3.6 billion to create reemployment accounts. These accounts can be used for up to a year after their creation to give the individual user control and flexibility for their personal job search.

"This is a new approach that empowers the unemployed to help themselves by developing a training program to fit their individual needs," Congressman Cole said.
 
 
 
 Washington DC- As a salute to the brave men and women who volunteer to serve in our nation's military, Oklahoma's Tom Cole, a cosponsor of the measure, hailed the overwhelming passage of the Armed Forces Tax Fairness Act of 2003 (H.R. 1307) in the U.S. House of Representatives today.

"The ongoing war on terrorism has reminded us all of the tremendous sacrifices made by those who volunteer to serve in our nation's military. At the same time we ask these brave men and women to stand in defense of our freedom and security, we should not leave their families with additional tax obligations that would add to their many concerns," said Congressman Cole.

H.R. 1307 makes important changes to several sections of the tax code impacting members of the Armed Forces. It excludes time deployed away from their principle residence when claiming the $250,000 capital gain exclusion on home sales available to all other homeowners. The bill extends filing and payment deadlines for personnel deployed in support of military contingency operations. It also provides tax-free treatment of Dependent Care Benefits, Homeowner's Assistance Program payments, and Death Gratuity Benefits provided to military families.

The measure also provides a $500 above-the-line deduction of non-reimbursable expenses incurred by reservists and makes it easier for veteran's organizations to qualify for tax-exempt status.

"These small but important changes to the tax code are part of a larger effort in the Congress to improve pay and benefits for our military families. We want them all to know that the nation values their service and will stand behind their families throughout these challenging times," said Cole.
 

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