The Honorable William V. Roth, Jr.
Dear Mr. Chairman: I am writing to communicate the strong support of The Institute of Electrical and Electronics Engineers - United States of America (IEEE-USA) for critically important pension reform and IRA expansion provisions contained in the proposed Retirement Security and Savings Act to be marked up by the Senate Finance Committee on September 7th. This proposal 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 new tax incentive and 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. As presently written, the bill also includes important new safeguards for participants who are likely to be adversely affected by conversions from traditional defined benefit plans to cash balance plans as well as a new incentive designed to encourage low and moderate income tax-payers to contribute to employer-sponsored defined contribution plans and IRAs. On behalf of IEEE’s 240,000 increasingly mobile U.S. members, I urge you to support prompt approval of this important retirement savings enhancement legislation. Sincerely, Merrill W. Buckley, Jr. (Sample
of letter delivered to members of The Institute of Electrical and Electronics
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