[Congressional Record Volume 159, Number 47 (Wednesday, April 10, 2013)]
[Senate]
[Page S2568]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE CONCURRENT RESOLUTION 12--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

  Mr. ISAKSON (for himself, Mr. Murphy, Mr. Blumenthal, Mr. Portman, 
Mr. Tester, Mr. Cardin, Mr. Boozman, and Mrs. Hagan) submitted the 
following concurrent resolution; which was referred to the Committee on 
Finance:

                            S. Con. Res. 12

       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 44,000,000 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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