NAIFA Supports Resolution to Save Retirement Savings Tax Rules

Congressmen Jim Gerlach (R-PA) and Richie Neal (D-MA) are soon planning to introduce a “Sense of Congress” resolution stating support for current tax incentives for employer-provided retirement savings. The resolution provides Members of Congress an opportunity to officially voice their support for the crucial importance of retirement savings and the tax rules that have been instrumental in encouraging the vast majority of working Americans to accumulate retirement savings.

Tax reform is coming, and most of the talk about what reform will look like focuses on base-broadening (elimination of tax deductions, credits, deferrals and exclusions) in return for lower marginal rates. Tax expenditures—those “special” tax rules that benefit many forms of savings, investment, and insurance, among other things—are front and center on the tax writers’ radar scopes. Among them are employer-provided retirement plans—calculated by some as the second largest tax expenditure under the federal income tax, narrowly trailing employer-provided health insurance.

(Speaking of tax rules for employer-provided health insurance, NAIFA also helped Congressmen Tom Cole (R-OK) and Joe Courtney (D-CT) obtain 160 signatures from Members of Congress on a letter sent to the Super Committee on November 4 in support of these tax rules. If your Congressman is on the letter, please consider sending a message of thanks.)

The Gerlach-Neal resolution is intended to show those who will be crafting a tax reform plan the importance and the depth of support for the tax rules that support our retirement savings system. NAIFA is helping Congressmen Gerlach and Neal collect original cosponsors through a GovAlert, and through targeted follow-up by NAIFA member key contacts and NAIFA staff.

If you have not already sent a message to your Congressman asking him or her to support this resolution, please take a few moments to send one today, by clicking here.

NAIFA Staff Contact: Diane Boyle, Vice President – Federal Government Relations, at (703) 770-8252; or Lillian Vogl, Director – Federal Government Relations, at (703) 770-8155; or Dani Kehoe, NAIFA Outside Counsel.