[Congressional Record Volume 144, Number 146 (Wednesday, October 14, 1998)]
[Senate]
[Pages S12563-S12564]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GREGG (for himself and Mr. Breaux):
  S. 2635. A bill to amend the Internal Revenue Code of 1986 to provide 
for retirement savings for the 21st century; to the Committee on 
Finance.


                  21st century retirement savings act

  Mr. GREGG. Mr. President, I rise, along with my colleague Senator 
John Breaux, to introduce the 21st Century Retirement Savings Act.
  Earlier this year, I joined Senator Breaux as two of six co-sponsors 
of S.

[[Page S12564]]

2313, a bill to strengthen and preserve Social Security. This 
legislation was developed through the expertise of the National 
Commission on Retirement Policy, convened by the Center of Strategic 
and International Studies.
  The Commission was unique among such efforts in that it looked at the 
entire picture surrounding retirement saving, and did not seek to 
increase income through one venue at the expense of another. It was our 
finding that income through all of the components of the national 
retirement structures--Social Security, employer-provided pensions, and 
individual savings--needed to be increased if we are to meet the needs 
of the 21st century.
  This legislation to shore up private retirement savings is a 
companion piece to S. 2313, which dealt with Social Security. I am 
pleased that it will also be introduced by Congressmen Kolbe and 
Stenholm in the House.

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