While the fiscal cliff negotiations are putting tax incentives for retirement savings on the front line, 11 members of Congress have voiced their support for the employer-based retirement system by co-sponsoring a “Sense of the Congress” resolution introduced Dec. 6 by Sens. Richard Blumenthal (D-CT) and Johnny Isakson (R-GA).
The resolution recognizes that current tax incentives for retirement savings have been successful in helping American workers save for a financially secure retirement, and that retirement savings tax incentives should play an important role in any reformed tax code. The resolution also calls for maintaining “properly structured tax incentives” to encourage employers to sponsor and maintain retirement plans and encourage employees to contribute to their plans.
An additional nine senators have cosponsored the bipartisan measure. The resolution is a companion bill to H. Con. Res. 101, a resolution introduced in the House of Representatives by Rep. Jim Gerlach (R-PA) in February 2012. That measure currently has 120 cosponsors.
This legislative effort was spearheaded by the Coalition to Protect Retirement, of which ASPPA is a member. The coalition consists of nine associations whose members sponsor and manage retirement plans.
