[Congressional Record (Bound Edition), Volume 158 (2012), Part 12]
[Senate]
[Page 16589]
[From the U.S. Government Publishing Office, www.gpo.gov]




 SENATE CONCURRENT RESOLUTION 62--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. BLUMENTHAL (for himself, Mr. Isakson, Mr. Grassley, Mr. Portman, 
Mr. Tester, Mr. Akaka, Mr. Brown of Ohio, Mr. Cardin, Mr. Bingaman, 
Mrs. Hagan, and Mr. Boozman) submitted the following concurrent 
resolution; which was referred to the Committee on Finance:

                            S. Con. Res. 62

       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 19,000,000 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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