[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 101 Introduced in House (IH)]

112th CONGRESS
  2d Session
H. CON. RES. 101

 Expressing the sense of the Congress that our current tax incentives 
for retirement savings provide important benefits to Americans to help 
               plan for a financially secure retirement.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 16, 2012

Mr. Gerlach (for himself, Mr. Neal, Mr. Buchanan, Mrs. Biggert, Mr. Sam 
  Johnson of Texas, Mr. Royce, Mr. Paul, Mr. Schock, Mr. Platts, Mr. 
Herger, Mr. Tiberi, Mr. Bilbray, Mr. Paulsen, Ms. Jenkins, Mr. Walberg, 
 Mr. Westmoreland, Mr. Jones, Mr. Huizenga of Michigan, Mr. LoBiondo, 
Mr. Fitzpatrick, Mr. Turner of Ohio, Mr. Gary G. Miller of California, 
    Mr. Stivers, Mr. Bishop of Utah, Mr. Pitts, Mr. Wilson of South 
Carolina, Mrs. Black, Mr. Latham, Mr. Guinta, Mr. Austria, Mr. King of 
Iowa, Mr. Nunes, Mr. Chaffetz, Mr. Murphy of Connecticut, Mr. Reichert, 
Mr. Davis of Kentucky, Mr. Marchant, Mr. Guthrie, Mr. Luetkemeyer, Mr. 
   Terry, Mr. Neugebauer, Mr. Lewis of California, Mrs. Capito, Mr. 
  Chabot, Mr. Meehan, Mr. Boustany, Mr. Thompson of Pennsylvania, Mr. 
 Price of Georgia, Mr. Dent, Mr. McCotter, Mr. Bass of New Hampshire, 
Mr. Miller of Florida, Mr. Duncan of South Carolina, Mr. Stutzman, Mr. 
Akin, Mr. Latta, Mr. Scott of South Carolina, Mr. McKeon, Ms. Berkley, 
Mr. Larson of Connecticut, Mr. Rangel, Mr. Lewis of Georgia, Mr. Kind, 
  Mr. Cicilline, Mr. Langevin, Mr. Welch, Mr. Michaud, Mr. Stark, Mr. 
   Pascrell, Mr. Moran, Mrs. McCarthy of New York, Ms. Schwartz, Mr. 
Yarmuth, Ms. Pingree of Maine, Mr. Heinrich, Mr. Holt, Mr. Filner, Mr. 
    Carson of Indiana, Mr. Andrews, Mr. Matheson, Mr. Courtney, Mr. 
Loebsack, Mrs. Maloney, Mr. McDermott, Mr. McGovern, Mr. Bishop of New 
York, Mr. Thompson of California, Mr. Boswell, Mr. Capuano, Mr. Holden, 
Ms. Speier, Mr. Keating, Mr. Baca, Mr. Becerra, Mr. Lynch, Ms. Woolsey, 
Ms. Loretta Sanchez of California, Mr. Braley of Iowa, Ms. Matsui, Mr. 
Perlmutter, Mr. Payne, Ms. Moore, Mr. Kildee, Mr. Altmire, Mr. Frank of 
   Massachusetts, Mr. Critz, and Mr. Markey) submitted the following 
concurrent resolution; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
 Expressing the sense of the Congress that our current tax incentives 
for retirement savings provide important benefits to Americans to help 
               plan for a financially secure retirement.

Whereas the United States private retirement plan system paid out over $3.824 
        trillion in benefits from 2000 through 2009--and United States public 
        sector plans paid out $2.651 trillion during the same period, both 
        playing an essential role in providing retirement income for millions of 
        our Nation's seniors;
Whereas there are approximately 670,000 private-sector defined contribution 
        plans covering 67,000,000 participants and over 48,000 private-sector 
        defined benefit plans covering 19,000,000 participants;
Whereas $4.7 trillion is held in 401(k), 403(b), 457 and similar defined 
        contribution plans, $2.3 trillion is held in private defined benefit 
        plans, and another $4.9 trillion is held in Individual Retirement 
        Accounts, largely consisting of funds rolled over from employer-based 
        retirement plans;
Whereas during 2000 through 2009, employers have contributed almost $3.5 
        trillion to public and private retirement plans;
Whereas tax incentives are an important impetus for individuals to save for 
        retirement and employers to offer plans in our voluntary system;
Whereas generally, the taxation of amounts contributed to pension and retirement 
        plans is simply deferred, not lost;
Whereas more than 70 percent of American workers making between $30,000 and 
        $50,000 contribute when covered by a retirement plan at work;
Whereas under current law, if business owners and managers sponsor a retirement 
        plan, they also must cover and provide benefits to lower- and middle-
        income employees;
Whereas 401(k) and similar defined contribution plans have been enhanced over 
        the years by Congress on a bipartisan basis;
Whereas the private United States retirement system is voluntary and is 
        dependent on the willingness of business owners and corporations to 
        adopt and maintain a plan; and
Whereas the United States system of employer-based retirement savings is 
        designed to work together with other personal savings and Social 
        Security to provide meaningful income replacement upon retirement: Now, 
        therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that--
            (1) tax incentives for retirement savings play an important 
        role in encouraging employers to sponsor and maintain 
        retirement plans and encouraging participants to contribute to 
        such plans;
            (2) existing tax incentives have increased the number of 
        Americans who are covered by a retirement plan; and
            (3) a reformed and simplified Tax Code should include 
        properly structured tax incentives to maintain and contribute 
        to such plans and to strengthen retirement security for all 
        Americans.
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