Pension legislation introduced by Rep. Susan Brooks, R-5th, has been enacted – the first law produced by the second-year congresswoman who grew up in Fort Wayne.
President Barack Obama on Monday evening signed into law the legislation that Brooks sponsored to exempt charitable and cooperative associations that use multiple employer pension funds from having to fund their plans at the same levels as high-risk plans.
Brooks, a Homestead High School graduate who lives in Carmel, said the legislation had been supported by 11 interest groups, including those representing Christian schools, Jewish Federations, rural electric cooperatives, farmer cooperatives, United Way and the Girl Scouts.
“By making sure they are not forced to overfund their (pension) plans, we are preserving their ability to continue enhancing communities across the nation,” Brooks said Tuesday in a statement.
The House and the Senate approved the Cooperative and Small Employer Charity Pension Flexibility Act in late March.