Scalise Urges White House To Sign Pension Relief Bil
Congressman Steve Scalise today sent a letter to the White House urging the President to promptly sign the pension relief bill (H.R. 7327) that passed Congress last week. The House passed the bill last Thursday, followed by the Senate on Friday.
I was pleased to see the Senate take quick action last week to make sure our senior citizens will not be penalized for protecting their retirement savings, Scalise said. The White House has shown no indication that they will not sign this bill, and I urge President Bush to sign the bill upon receipt.
The text of Congressman Scalise's letter is below followed by his press release from Thursday, December 11.
December 16, 2008
The Honorable George W. Bush
President of the United States of America
The White House
Washington, D.C. 20500
Dear Mr. President:
As you know, Congress passed legislation last week that will suspend for one year the mandatory required distributions (MRD) from retirement accounts for citizens who are 70 ½ years or older. It is imperative that this legislation be enacted as quickly as possible.
The decline in the stock market and overall economy has jeopardized the retirement savings of many Americans. Without a temporary suspension of the MRD, many seniors will have to choose between taking a significant loss on their retirement accounts and facing stiff penalties from the Internal Revenue Service (IRS). In these tough economic times, the federal government should make every effort to provide tax relief to American citizens, especially those in or near retirement.
Under current law seniors only have the option of withdrawing their investments at a large loss, or facing stiff penalties from the IRS. This bill, H.R. 7327, gives seniors the option in 2009 to withdraw funds from retirement accounts or leave the money there while the financial markets recover, without facing IRS penalties. It is important that the federal government give older Americans necessary financial flexibility as our country recovers from this difficult economic time. It is my understanding that your office is awaiting delivery of the enrolled bill from the Clerk of the House of Representatives. It is imperative that this legislation be enacted as swiftly as possible, and I urge you to sign it immediately upon receipt of the bill.
Thank you again for your service to our great nation and for your attention to this request. If my office can provide more information, please do not hesitate to contact me.