Congressman Jefferson Joins House Democrats to Announce New Retirement Proposal
FOR IMMEDIATE RELEASE
July 26, 2005
Congressman Jefferson Joins House Democrats to Announce New Retirement Proposal
Washington, DC - Today, U.S. Representative William Jefferson (D-LA) joined his Democratic colleagues in the House of Representatives in unveiling a new plan, called AmeriSAVE, to help middle-class families build retirement security, to expand opportunities to save, and to ensure pension fairness.
"While middle-class families struggle to pay for rising health care costs, soaring college tuitions, and higher gas prices at the pump, Democrats are working to find ways to make it easier to save for retirement," Jefferson said.
The AmeriSAVE Plan will expand and improve existing retirement accounts, such as 401(k)s and IRAs, so that American families can benefit from the power of compound interest while retaining Social Security's guaranteed benefit. The AmeriSAVE Plan will also increase national savings and grow the economy while helping middle-class families prepare for a brighter future.
AmeriSAVE will help Americans build retirement security by providing nearly 100 million Americans with the opportunity to create a retirement nest egg and will empower AmeriSavers with information on investing in the stock market. Under the plan, nearly 100 million Americans will be eligible for the "AmeriSAVE Match," which will match dollar-for-dollar the first $1,000 contributed to an IRA, 401(k), or similar retirement plan.
In addition, AmeriSAVE will expand opportunities to save by establishing tax credits to give small businesses the resources they need to set up retirement accounts for their employees and will simplify and strengthen existing opportunities to help Americans save more for their retirement.
AmeriSAVE will also ensure pension fairness by reforming bankruptcy and pension laws to prevent companies from unfairly dumping pension plans and will make certain that employees receive the benefits they have been promised after a lifetime of hard work.
"Too many Americans are facing the dismal prospect of finding their pensions increasingly at risk as companies, such as United Airlines, enter bankruptcy," Jefferson said. "And saving for retirement is a difficult challenge. Democrats are fighting to strengthen and safeguard Social Security's guaranteed benefit, and we must do more so that every American has the opportunity to build a secure retirement."
http://www.house.gov/apps/list/press/la02_jefferson/AmeriSave.html