[Congressional Record Volume 147, Number 57 (Tuesday, May 1, 2001)]
[House]
[Pages H1671-H1672]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             PENSION REFORM

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, retirement is something every American needs 
to prepare for, but with the prices of everything from college 
educations to

[[Page H1672]]

gasoline as high as they are, putting away money is difficult for many 
Americans. It is not made any easier by a government that takes about 
40 percent away in taxes.
  This week, the House is going to vote on a bill to make retirement 
easier for working Americans. We are going to increase IRA contribution 
limits from $2,000 a year to $5,000. We are going to increase the limit 
on 401(k) contributions to $15,000. And we are going to allow people 
close to retirement an additional $5,000 in catch-up contributions to 
their 401(k)'s.
  Helping people keep more of their own money so they can invest it and 
retire comfortably is a cause every Member of this body should support. 
We have not increased IRA limits in 20 years. This legislation is long 
overdue.
  Yes, Republicans passed this legislation before; but this time we 
have a President who will sign the bill. This time it will become law. 
I thank the President for joining us in doing the right thing.

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