THANK YOU, CHAIRMAN THOMAS
THANK YOU, CHAIRMAN THOMAS
December 2, 2005
The undersigned organizations and companies wish to express our gratitude to House Ways and Means Committee Chairman Bill Thomas for including a provision in the Chairman’s mark of HR 2830, the Pension Protection Act of 2005, that will make the important pension and IRA improvements in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) permanent. We also thank the Ways and Means members who supported this provision and Representative Ben Cardin and former Representative Rob Portman for previously introducing legislation that included the EGTRRA permanency provision approved in HR 2830.
The EGTRRA pension provisions, which will expire at the end of 2010 or earlier unless Congress acts, permit Americans to save more in employer plans and IRAs; ease portability among various plans; and provide significant administrative relief to employers who sponsor plans. In addition, the provisions include targeted measures such as the Saver’s Credit, which benefits low-income savers, and catch-up contributions that permit older workers to save more under the plans. These changes are the most recent product of an enormously successful partnership among employers, financial institutions, and government that has resulted in a system that permits rank and file workers to share in America’s prosperity while building critical retirement income security.
Permanency, as opposed to repeated short term extensions of the EGTRRA pension provisions, is critically important to the continued growth of the employer provided and individual retirement account programs. Hundreds of millions of dollars are invested in systems that administer these successful programs. A stop-start cycle of extenders will divert some of participants’ total savings to retooling these systems in anticipation of expiring provisions. Plan sponsors will have to confront uncertainty about legal compliance and the future design of their retirement plans. The communications requirements that would result from intermittent extenders will confuse savers and possibly drain more dollars from their accounts. Workers will be more reluctant to join savings programs when faced with confusing plan terms and uncertain contribution limits.
We greatly appreciate Chairman Thomas’ leadership on this issue. We also urge the Senate to join in this effort by ensuring that a final pension reform bill retains this important provision. The time to act is now. Any delay will increase the cost of enacting EGTRRA permanency.
AMERICAN BENEFITS COUNCIL
AMERICAN COUNCIL OF LIFE INSURERS
AMERICAN SOCIETY OF PENSION PROFESSIONALS & ACTUARIES
BUSINESS ROUNDTABLE
COMMITTEE ON INVESTMENT OF EMPLOYEE BENEFIT ASSETS (CIEBA)
EMPLOYEE-OWNED S CORPORATIONS OF AMERICA (ESCA)
EMPLOYERS COUNCIL ON FLEXIBLE COMPENSATION
THE ERISA INDUSTRY COMMITTEE
THE ESOP ASSOCIATION
FINANCIAL EXECUTIVES INTERNATIONAL
FINANCIAL SERVICES ROUNDTABLE
HR POLICY ASSOCIATION
INVESTMENT COMPANY INSTITUTE
NATIONAL ASSOCIATION OF GOVERNMENT DEFINED CONTRIBUTION ADMINISTRATORS
NATIONAL ASSOCIATION OF MANUFACTURERS
NATIONAL ASSOCIATION OF STATE RETIREMENT ADMINISTRATORS
NATIONAL CONFERENCE OF STATE LEGISLATURES
NATIONAL COUNCIL ON TEACHER RETIREMENT
NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION
PROFIT SHARING / 401k COUNCIL OF AMERICA
SECURITIES INDUSTRY ASSOCIATION
SOCIETY FOR HUMAN RESOURCE MANAGEMENT
U. S. CHAMBER OF COMMERCE
UNIVERSITY PROFESSIONAL ASSOCIATION FOR HUMAN RESOURCES (CUPA-HR)
AdBenCo
ADP Retirement Services
American Century Investments
Ameriprise
Ameritas Life Insurance Corp.
AMI Benefit Plan Administrators, Inc.
Associated Pension Consultants
AT&T, Inc.
Atico International, USA
Avaya Inc.
Ball Horticultural Company
Buchheit, Inc.
Burkhart Dental Supply Company
California Corporate Benefits
Centier Bank
Central Council of the Tlingit & Haida Indian Tribes of Alaska
Chicago Mold Engineering Co., Inc.
Citigroup
Cole Taylor Bank
Continental Materials Corporation
Crookham Company
CUNA Mutual Group
Delaware Valley Soda Systems, Inc.
Delphi Corporation
Edlund Company, Inc.
ELS, Inc. – an employee-owned company
Emerson Electric Co.
FedEx Corporation
Fidelity Investments
Financial Architects Partners Retirement Plan Consulting Group
First Annapolis Consulting, Inc.
Flint Ink Corporation
Fortune Financial Advisors LLC
FPL Group
Franklin Templeton Investments
Hackler Associates, Inc.
Herod Mattis Group, Inc.
Hewitt Associates
Hileman Associates
HMA Financial Services, Inc.
Holmes Murphy Financial Services, Inc.
Home I.V. Care
Homewood Benefits
Hubbell Consulting, LLC
ICMA-RC
Illinois Tool Works Inc.
Innovative Pension Strategy & Design
Intel Corporation
Kayser-Roth Corporation
Lincoln Financial Group
MAHLE Industries, Incorporated
Marian, Inc.
Marriott International, Inc.
Martin Tractor Company, Inc.
MassMutual Financial Group
MB Financial Bank N.A.
McDonald Investments, Inc.
Mellon Financial Corporation
Menke & Associates, Inc.
Mercer Human Resources Consulting, Inc.
MFS Investment Management
MII, Inc.
Nationwide
Nebraska Furniture Mart, Inc.
Nestle USA, Inc.
OppenheimerFunds, Inc.
Pacific Life
Panduit Corp.
The Pension Group, Inc.
Pietzsch, Bonnett & Womack
Portman Equipment Company
The Procter & Gamble Company
Qwest Communications Inc.
Regis Corporation
Republic Mortgage Insurance Company
The Retirement Analyst
Retirement Plan Strategies, Inc.
Roberts Home Medical, Inc.
Roberts Oxygen Company, Inc.
The Segal Company
Strategic Retirement Solutions, L.C.
Summit Financial Corporation
Supervalu Inc.
Teledyne Isco, Inc.
Trinity Health
United Companies, Inc. and subsidiaries
Vanguard
Wachovia
Wells Concrete Products Company
Wm. W. Meyer & Sons, Inc.
Yoder & Langford, P.C.
Zachry Construction Corporation
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