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Neal, Gerlach Seek Cosponsors for Retirement Saving Tax Incentives Resolution


Neal, Gerlach Seek Cosponsors for Retirement Saving Tax Incentives Resolution

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Co-sponsor the Gerlach-Neal Resolution on the Importance of Tax

 

Incentives for Retirement Savings

 

 

Dear Colleague:

We plan to introduce the attached resolution expressing the Sense of the Congress that our current tax incentives for retirement savings provide important benefits to Americans to help plan for a financially secure retirement. We invite you to co-sponsor this important resolution.

Employer-sponsored retirement plans are a key component of our nation's retirement system and produce significant retirement benefits for America's working families. There are approximately 670,000 private-sector defined contribution plans covering 67 million participants and over 48,000 private-sector defined benefit plans covering 19 million participants. The U.S. private retirement plan system paid out over $3.824 trillion in benefits from 2000 through 2009 -- and U.S. public sector plans paid out $2.651 trillion during the same period, both playing an essential role in providing retirement income for millions of our nation's seniors.

The current tax incentives for retirement savings are an important impetus for individuals to save for retirement and employers to offer plans in our private, voluntary system.

This bi-partisan resolution provides that it is the Sense of the Congress that:

  • tax incentives for retirement savings play an important role in encouraging employers to sponsor and maintain retirement plans and encouraging participants to contribute to such plans;

  • existing tax incentives have increased the number of Americans who are coveted by a retirement plan; and

  • a reformed and simplified Tax Code should include properly structured tax incentives to maintain and contribute to such plans and to strengthen retirement security for all Americans.

 

If you wish to co-sponsor or have any questions, please contact Kara Getz in Representative Neal's office (kara.getz@mail.house.gov) or Lori Prater in Representative Gerlach's office (lori.prater@mail.house.gov).
Sincerely,

 

 

Jim Gerlach

 

Member of Congress

 

 

Richard E. Neal

 

Member of Congress
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