BISMARCK (AP) -- Rep. Earl Pomeroy says the nation's pension funds need more time to recover their value from last year's market crash.
The North Dakota Democratic congressman said current federal law requires pension funds to have larger cash balances than they need to make their payments to retired workers. He said companies are being forced to put money into their funds that could be used to expand or provide more jobs.
Pomeroy and Ohio Republican Rep. Pat Tiberi have introduced legislation that gives pension plan administrators more time to meet asset targets. Now they have about seven years. The bill would provide a window of up to 15 years.
The pension plans promise workers a fixed monthly payment after they retire.
Pomeroy said existing federal law gives companies incentives to freeze benefits and exclude new workers.
