[Congressional Record Volume 147, Number 66 (Tuesday, May 15, 2001)]
[Extensions of Remarks]
[Page E799]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            SUPPORT H.R. 10

                                 ______
                                 

                            HON. JACK QUINN

                              of new york

                    in the house of representatives

                         Tuesday, May 15, 2001

  Mr. QUINN. Mr. Speaker, I rise in support of H.R. 10, the 
Comprehensive Retirement Security and Pension Reform Act. This 
comprehensive legislation is an excellent first step toward rectifying 
the severe retirement savings shortfall in this country.
  Clearly we need to do more to prepare for our futures. IRA's, 
401(k)s, and other tax-favored retirement plans are one way to do so. 
At present, half of our nation's workforce, practically 75 million 
Americans, lack access to a 401(k)-type plan or any kind of pension. 
IRA contribution limits have been frozen at the $2,000 limit since 
1981. I applaud Congressmen Portman and Cardin for creating this 
package that will allow Americans to set more aside in IRA or 401(k)-
type plans, modernize pension laws, and provide regulatory relief to 
encourage more small businesses to offer retirement plans.
  By allowing individuals to increase their contribution limit for both 
traditional and Roth IRA's to $5,000 over the next three years, gives 
them the potential for a sound economic future. This legislation would 
allow so many working Americans the opportunity to better themselves, 
their families and their future. Also by including catch-up provisions 
granting individuals who are over 50 to increase their contribution for 
IRA's to $5,000 next year, provides these individuals to chance for a 
better retirement.
  In today's society, we are living longer and healthier lives. Current 
statistics indicate that one-fifth of today's 35-year-olds who reach 
retirement can expect to live into their 90's. This evidence clearly 
demonstrates that Americans will outlive their retirement savings. 
Therefore, it is crucial that Congress can provide Americans, who have 
worked hard to support themselves and their families, every opportunity 
possible to achieve a financially secure retirement.
  I would urge my colleagues to support this landmark legislation that 
would expand access to private pensions and increase flexibility for 
families to save for their retirement.

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