Institute Submits Pension Reform Testimony to Senate Finance Committee

Washington, DC, July 12, 1999 - The Institute recently submitted written testimony to the Senate Committee on Finance regarding pension reform legislation issues. In its statement, the Institute expressed its support for various proposals included in S. 646, the "Retirement Savings Opportunity Act of 1999," which was introduced by Senator Roth (R-DE) and Senator Baucus (D-MT), and S. 741, the "Pension Coverage and Portability Act," which was introduced by Senator Graham (D-FL) and Senator Grassley (R-IA). 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.