The Honorable Charles E. Grassley
Dear Mr. Chairman: Everyone agrees that Americans need to be saving more for retirement - at home and where they work - and that their savings ought to be transferable from one plan to another or to an Individual Retirement Account when they change jobs. The Retirement Security and Savings Act (S. 742) as introduced by Senator Grassley and co-sponsored by Senators Baucus, Hatch, Breaux, Graham, Jeffords and Torricelli is critically important legislation that will significantly improve America’s voluntary private pension system and promote increased personal savings for retirement and productive investment in the national economy. S. 742 will enhance retirement income security by increasing allowable contributions to Individual Retirement Accounts and employer-sponsored pension plans, by making retirement savings more portable and by making it easier and less expensive for small businesses to set up and maintain pension plans for their employees. The bill also includes significant new incentives for savings by low-income taxpayers and expanded safeguards when plan sponsors make changes that will significantly affect future benefit accrual rates for individual participants. This legislation is comprehensive in scope, enjoys broad bipartisan support in both chambers and is easily affordable in terms of its revenue impact. If you haven’t already done so, I urge you to sign on as a cosponsor and to actively support the inclusion of S. 742 in the Chairman’s mark for the tax relief package when it comes up for consideration by the Finance Committee later this week. IEEE-USA promotes the careers and public-policy interests of the nearly 230,000 electrical, electronics, computer and software engineers who are U.S. members of the IEEE. If you should have any further questions or would like to discuss further, please call Vin O’Neill in our Washington office at (202) 785-0017 x 8327. Sincerely, Ned R. Sauthoff, Ph.D. (Similar Letter Sent to all Members of the Senate Finance Committee) | Top of Page | Policy Log | Public Policy Forum | IEEE-USA | Last Update: 5 May 2001 Copyright © 2001, The
Institute of Electrical and Electronics Engineers, Inc. |
