[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 62 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
S. CON. RES. 62

 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 SENATE OF THE UNITED STATES

                            December 6, 2012

 Mr. Blumenthal (for himself, Mr. Isakson, Mr. Grassley, Mr. Portman, 
  Mr. Tester, Mr. Akaka, Mr. Brown of Ohio, Mr. Cardin, Mr. Bingaman, 
    Mrs. Hagan, and Mr. Boozman) submitted the following concurrent 
       resolution; which was referred to the Committee on Finance

_______________________________________________________________________

                         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 private retirement plans in the United States paid out over 
        $3,824,000,000,000 in benefits from 2000 through 2009, while public 
        sector retirement plans paid out $2,651,000,000,000 during the same 
        period, with both playing an essential role in providing retirement 
        income for millions of our Nation's senior citizens;
Whereas there are approximately 670,000 private-sector defined contribution 
        plans that are currently covering 67,000,000 participants, and over 
        48,000 private-sector defined benefit plans covering 19,000,000 
        participants;
Whereas $4,700,000,000,000 is held in 401(k), 403(b), 457 and similar defined 
        contribution plans, $2,300,000,000,000 is held in private defined 
        benefit plans, and another $4,900,000,000,000 is held in Individual 
        Retirement Accounts, largely consisting of funds rolled over from 
        employer-based retirement plans;
Whereas from 2000 through 2009, employers have contributed almost 
        $3,500,000,000,000 to public and private retirement plans;
Whereas tax incentives are an important impetus for individuals to save for 
        retirement and for employers to offer plans under 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 a year contribute to their own retirement 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-income 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 retirement system in the United States is voluntary and is 
        dependent on the willingness of business owners and corporations to 
        adopt and maintain retirement plans; and
Whereas the United States system of employer-based retirement savings is 
        designed to work together with other personal savings and the Social 
        Security program to provide meaningful income replacement upon 
        retirement: Now, therefore, be it
    Resolved by the Senate (the House of Representatives 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 Federal 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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