Retirement Savings Security Act of 2002 (H.R. 4931)
June 18, 2002
To the Members of the United States House of Representatives:
On behalf of the U.S. Chamber of Commerce, the world's largest business federation representing over three million businesses of every size, sector and region, I am writing to urge you to vote for H.R. 4931, the Retirement Savings Security Act of 2002. The Chamber will consider including votes on or related to H.R. 4931 in our annual How They Voted ratings.
H.R. 4931 would make permanent the pension and retirement provisions included in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). These provisions, championed by Representatives Rob Portman (R-OH) and Ben Cardin (D-MD), included the Chamber's top legislative issues for pension and retirement issues. Specifically, EGTRRA improved on prior law by restoring various contribution limits back to their pre-cutback levels, modifying top-heavy rules, expanding Individual Retirement Accounts and enhancing pension portability.
Although the employer-based retirement plan system has been a success – it is the most important source of retirement income for middle-income Americans after Social Security – the Chamber has sought to expand and enhance the system to provide greater coverage to more workers. The retirement provisions of EGTRRA have gone a long way to expand savings opportunities by simplifying the pension system and increasing incentives for employers (especially small businesses) to offer plans to their workers.
Unfortunately, EGTRRA, including the pension and retirement provisions, expires after December 31, 2010, unless Congress acts to make it permanent. We strongly urge you to act quickly to make these provisions permanent by voting for H.R. 4931 when the House considers the bill later this week.
R. Bruce Josten
Executive Vice President, Government Affairs
U.S. Chamber of Commerce