OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Issue Position: Pensions and Retirement

Issue Position

Issues: Senior Citizens Entitlements and the Safety Net


Issue Position: Pensions and Retirement

We face a crisis in our country: Americans are not saving enough for retirement. As a member of the Ways and Means Committee in the House of Representatives, I was able to add pension provisions to the 2001 tax reform bill. These provisions made it easier for Americans to save, provided portability of savings, created catch up contributions and simplified many rules. But more needs to be done to encourage personal savings.

Personal savings is only one of the three legs of the retirement stool; retirement plans and Social Security represent the other legs. While plans are usually available to those who work for large employers, employees of small businesses are much less likely to have or participate in retirement plans. As a member of the Senate Small Business Committee, I am looking into ways to ease the administrative, tax and regulatory barriers facing small businesses to encourage them to make pension plans more readily available to their employees.


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