September 21, 1999 The Honorable J. Dennis Hastert
Dear Representative Hastert: I’m writing on behalf of the Institute of Electrical and Electronics Engineers – United States of America to urge you to support prompt enactment of legislation that will boost individual savings for retirement and expand the pool of capital needed for productive investment in the nation’s economy. Critical elements of legislative proposals introduced in Senators Bill Roth (R-DE) and Max Baucus (D-MT) and by Representative Bill Thomas (R-CA) are included in the omnibus Tax Relief and Refund Act (H.R. 2488) that passed both Houses of Congress just before the August recess. Section II of the Tax Relief/Budget Reconciliation Conference Agreement includes provisions that will increase IRA contribution limits incrementally from $2,000 to $5,000; increase income limits on eligibility to contribute to Roth IRAs; allow employers to set up salary reduction IRAs; and allow catch-up contributions for taxpayers 50 years of age and older. At a time when more Americans are living longer and spending more time in retirement, the need for additional savings is critical. I’m confident that enactment of these critically important IRA expansion provisions by the 106th Congress will stimulate continued economic growth and jobs creation and, just as importantly, provide a much needed incentive for more Americans to save for a secure retirement. Sincerely, Paul J. Kostek (Note:
This letter was sent to all The Institute of Electrical and Electronics
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