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Retirement Security Act Promoters Say Momentum
Building
Almost 15,000 have signed online petition for
Congressional support
July 14, 2005 Americans for a Secure Retirement,
an organization of business and consumer groups, says almost 15,000
people have signed the petition on their Website to urge Congress
approve The Retirement Security for Life Act, which they say provides
tax incentives to invest in retirement vehicles like annuities.
The Retirement Security for Life Act (H.R. 819/S.
381) is promoted as helping Americans provide income to last a
lifetime. This legislation would provide a tax incentive to encourage
investment in some individual, after-tax savings in retirement vehicles
like annuities that provide a steady "paycheck for life," say the
sponsors.
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In a news release they say, The Retirement
Security for Life Act would exempt individuals from paying federal taxes
on one-half of the income (up to a maximum of $20,000 annually)
generated by nonqualified annuities that make lifetime payments. For a
typical American in the 25 percent tax bracket, this would provide an
annual tax savings of up to $5,000.
The petition, signed by 14,500 individuals and
launched by Americans for Secure Retirement, was created to engage
Americans in the retirement policy debate and demonstrate to lawmakers
the widespread concern many have regarding retirement security. (A
nonqualified annuity is purchased with after tax dollars and is not part
of an employer-based qualified retirement plan or IRA).
"The early swell of support for this petition
illustrates that Americans are not only thinking about retirement
savings, but also are looking for policymakers to develop smart policies
to encourage people to better manage their retirement savings and income
during retirement," said Shannon Hunt, a spokesperson for Americans for
Secure Retirement. "Retirement security for Americans will only come if
policy makers take a comprehensive approach, focusing on both the
savings and income pieces of the equation."
"We have found that, as Americans become more educated about retirement
policy, they are more likely to support legislation like H.R. 819
because it provides them options along with incentives to prepare wisely
for retirement," Hunt said. "The grassroots support serves as a big pat
on the back for the 58 members of Congress who already support this bill
as well as a signal to others that annuitization is a critical part of
the retirement security debate."
Currently 54 members of the House of
Representatives are co-sponsors of H.R. 819, including a majority of
House Ways & Means Committee members. In the Senate, the bill has four
co-sponsors, with three members of the Senate Finance committee having
signed on.
Americans for Secure Retirement describes itself as
a coalition representing a broad cross section of interests including
women's groups, rural organizations, consumer and taxpayer groups, and
the life insurance industry. For more information about the coalition or
their online petition, please visit:
http://www.paycheckforlife.org/.
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