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

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.