[Congressional Record (Bound Edition), Volume 147 (2001), Part 5]
[Extensions of Remarks]
[Page 7157]
[From the U.S. Government Publishing Office, www.gpo.gov]



    COMPREHENSIVE RETIREMENT SECURITY AND PENSION REFORM ACT OF 2001

                                 ______
                                 

                               speech of

                          HON. JOSEPH R. PITTS

                            of pennsylvania

                    in the house of representatives

                         Wednesday, May 2, 2001

  Mr. PITTS. Mr. Speaker, I am pleased that H.R. 10, The Comprehensive 
Retirement Security and Pension Reform Act, is before the House today.
  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.
  This fair, bipartisan plan will help millions of Americans.
  Mr. Speaker, I am also pleased the Ways and Means Committee included 
an amendment offered by my colleague Phil English that will improve the 
retirement options available to the Amish.
  This amendment corrects a line in the tax code that excludes Amish 
from deducting contributions to Keogh, SEP, or Simple IRA retirement 
plans.
  In 1989, Congress passed a law permitting self-employed members of 
certain religious faiths, like the Amish, to treat their self-employed 
earnings as eligible income, even though they are exempt from self-
employment tax. This was done to allow these individuals to deduct 
contributions to IRAs from their taxes.
  However, Congress didn't change the sections of the code which apply 
to SEP, Keogh, and Simple IRA plans.
  As a result, Amish members have been able to deduct contributions to 
IRAs, but cannot deduct contributions to Keogh and SEP, and Simple IRA 
plans.
  Mr. Speaker, this was clearly an oversight made in 1989.
  With the inclusion of Mr. English's amendment, Amish will now be able 
to deduct their contributions to all of these plans.
  On behalf of the Amish, I wish to thank Chairman Thomas, Mr. Portman, 
and Mr. English for working hard to include this technical yet 
important, provision for the Amish.

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