Promoting Electrotechnology Careers and Public Policy

15 Sept 2000

Honorable William J. Clinton
President of the United States
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500

Re: Retirement Security and Savings Act

Dear President Clinton

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 Retirement Security and Savings Act that was unanimously approved by the Senate Finance Committee on September 7^th.

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 expand pension coverage through new tax incentive and administrative simplification provisions that will make it easier and less expensive for small businesses to establish and maintain retirement savings plans for their employees.

The Senate bill also includes important new safeguards for participants in defined benefit pension plans that are converted to cash balance plans as well as a new incentive intended to encourage low and moderate income tax-payers to make first dollar contributions to employer-sponsored defined contribution plans and IRAs.

As presently written, this legislation enjoys broad bipartisan support in Congress and meets most of the goals embodied in the Retirement Savings and Security Act that you unveiled in 1996. On behalf of IEEE’s 240,000 increasingly mobile U.S. members, I urge you to approve this very important retirement savings enhancement legislation when it reaches your desk.

Sincerely,

Merrill W. Buckley, Jr.
President, IEEE-USA

Copies to:

Senate Majority Leader Trent Lott
Senate Minority Leader Tom Daschle
Senator William V. Roth, Jr.
Senator Max Baucus
House Majority Leader Dennis Hastert
House Minority Leader Richard Gephardt
Representative Bill Archer
Representative Charles B. Rangel
Assistant to the President Gene Sperling
Assistant Treasury Secretary for Tax Policy Jonathon Talisman
Benefits Tax Counsel J. Mark Iwry
Assistant Labor Secretary for Pension and Welfare Benefits Leslie Kramerich

The Institute of Electrical and Electronics Engineers - United States of America
2001 L Street, N.W., Suite 700, Washington, DC 20036-5104
Office: (202) 785-0017 * Fax: (202) 785-0835 * E-mail: ieeeusa@ieee.org

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Last Update:  20 Sept. 2000
Staff Contact:  Chris Brantley, c.brantley@ieee.org

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