Pension Reform Bill Advances in Senate
National Underwriter (Life/Health) (09/11/00) Vol. 104, No. 37 p.1; Brostoff, Steven

Senate Finance Committee Chairman William V. Roth has recently proposed The Retirement Security and Savings Act--a major pension reform bill. Similar to the Portman-Cardin pension reform House bill, the Senate bill is aimed at lower and moderate-income workers. The Senate bill has certain features designed to encourage small businesses to begin and maintain pension plans. On behalf of non-highly compensated employees, the Senate bill provides a 50 percent tax credit for certain contributions made to qualified plans. Additionally, the bill would increase the annual contribution limit for retirement accounts from $2,000 to $5,000. The current $10,500 contribution limit on 401(k), 403(b), and 457 plans would be increased to $15,000 per year.

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