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555 Dirksen Office Building
Washington, DC 20510
Ph: 202.224.6342
Fax: 202.224.1100
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Raleigh Office:
310 New Bern Avenue
Suite 122
Raleigh, NC 27601
Ph: 919.856.4630
Toll Free: 866.420.6083
Fax: 919.856.4053
Salisbury Office:
225 North Main Street
Suite 304
Salisbury, NC 28144
Ph: 704.633.5011
Toll Free: 866.420.6084
Fax: 704.633.2937
Western Office:
401 North Main Street
Suite 200
Hendersonville, NC 28792
Ph: 828.698.3747
Fax: 828.698.1267
Eastern Office:
306 South Evans Street
Greenville, NC 27835
Ph: 252.329.1093
Fax: 252.329.1097
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Floor Statements
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DOLE URGES SENATE APPROVAL OF HER BILL TO SUPPORT MEMBERS OF THE NATIONAL GUARD AND RESERVES
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November 1st, 2007 - Mr. President, I ask all my colleagues to join me in support of the National Guard and Reservists Financial Relief Act. This is a bipartisan effort to extend a critical benefit to our National Guard and reservists, many of whom are serving in Iraq and Afghanistan. Section 827 of the Pension Protection Act of 2006 allows National Guardsmen and reservists called to active duty for at least six months to make penalty-free early withdrawals from their IRA, 401(k) or 403(b) retirement accounts. This provision expires in less than two months, and my bill would make this benefit permanent for our service members and their families.
Our National Guardsmen and reservists always stand ready to put their lives on hold and answer the call of duty. They can face lengthy deployments that can cause major financial strains for their families, which only adds to the emotional stress these families face during extended separation from a loved one. In fact, according to a GAO report, nearly 41 percent of Reservists are affected by a pay discrepancy between their military and civilian salaries.
National Guard and reservists account for approximately half of all U.S. military personnel. Since September 11, 2001, more than 443,000 guard and reservists have been deployed in support of the Global War on Terror, including nearly 93,000 currently deployed, mainly to Iraq and Afghanistan.
Congress should take decisive action to ensure that this benefit does not expire for these fine men and women, should they find themselves in a deployment-related financial crunch. The Reserve Officers Association strongly supports the continuation of this tax relief measure. I also thank my colleague Senator Lincoln for cosponsoring this legislation, and I would add that the similar provision included in the Pension Protection Act received broad, bipartisan support.
Shortly Congress will adjourn for two weeks for the Thanksgiving holiday. This means that there is limited opportunity to act to extend this assistance to those who have answered the call to serve. I ask every member who I know cares about our guard members, reservists and their families to support my legislation to ensure that this benefit continues.
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| Elizabeth Dole |
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