Ways & Means Committee OK's Bill Enhancing Retirement Savings National Underwriter (Life and Health Financial Services Edition) (10/14/02) p.42; Brostoff, Steven
H.R. 5558 has been approved by the House Ways and Means Committee, clearing the way for a vote in the House. The legislation would permit employees to increase their contributions to individual retirement accounts and 401(k) plans earlier than currently allowed. Separately, the Internal Revenue Service has announced that a settlement initiative regarding corporate-owned life insurance will be ended. ACLI spokesman Jack Dolan and ACLI Chief Counsel, Federal Taxes Laurie Lewis are cited in this article.