June 19, 2000 The Honorable Bill Archer
Dear Mr. Chairman: I am writing to communicate the strong support of the Institute of Electrical and Electronics Engineers – United States of America for critically important pension reform and IRA expansion proposals that will soon be considered in the House as part of new retirement savings tax relief legislation. This legislation is expected to include key provisions from the Comprehensive Retirement Security and Pension Reform Act (H.R. 1102) originally sponsored by Representatives Portman and Cardin and expanded IRA provisions from proposals introduced by Congressmen Thomas and Gallegly of California. These proposals enjoy broad bipartisan support. The new legislation will increase retirement security by raising annual contribution limits for 401(k), 403 (b), Section 457 and SIMPLE retirement savings plans; expanding IRA contribution limits; reducing current vesting requirements; improving portability by facilitating transfers of earned benefits among and between defined contribution plans and IRAs; and allowing older workers to make "catch-up" contributions to their retirement plans. The legislation will also help to expand pension coverage through administrative simplification provisions that will make it easier and less expensive for small and mid-sized employers to establish and maintain retirement savings plans for their employees. On behalf of IEEE’s 240,000 increasingly mobile U.S. members, I urge you to support prompt enactment of this important retirement savings enhancement legislation. Sincerely, Merrill W. Buckley, Jr. The Institute of Electrical and
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