[Congressional Record Volume 146, Number 94 (Wednesday, July 19, 2000)]
[House]
[Page H6475]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 CONSIDERING LEGISLATION HELPING AMERICAN FAMILIES SAVE FOR RETIREMENT

  (Mr. POMEROY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. POMEROY. Mr. Speaker, today we are going to consider legislation 
that will help American families save for retirement. This has never 
been more important than now, because baby boomers are getting along in 
their career years and projections are that they will live longer than 
ever.
  The Democrats will offer a substitute, which will add to the 
underlying legislation, a new savings incentive for middle- and modest-
income households. It will be a tax credit for savings committed and 
will function much like an employer match on traditional 401(k) plans. 
If you contribute at the qualifying income level, $2,000, to an IRA, 
the Federal Government will provide a tax credit for $1,000 that can be 
added to that savings strategy.

                              {time}  1015

  This Democrat substitute, I hope, will enjoy the support of both 
parties. It goes directly to middle and modest income levels, those 
that are having most difficulty in saving for retirement.

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