Institute Submits Testimony on Retirement Savings Issues to House Ways and Means Committee

Washington, DC, June 28, 1999 - The Institute recently submitted written testimony to the House of Representatives' Committee on Ways and Means regarding retirement savings issues. In its written statement, the Institute expressed its support for various proposals included in H.R. 1102, the "Comprehensive Retirement Security and Pension Reform Act of 1999," which was introduced by Representative Portman (R-OH) and Representative Cardin (D-MD), and H.R. 1546, the "Retirement Savings Opportunity Act of 1999," which was introduced by Representative Thomas (R-CA). Specifically, the Institute urged Congress to: (1) establish appropriate and effective retirement savings incentives by raising contribution limits; (2) enact savings proposals that reflect workforce trends and savings patterns; (3) reduce unnecessary and cumbersome regulatory burdens that deter employers-especially small employers-from offering retirement plans; and (4) keep the rules simple and easy to understand.