In the Spotlight

House Votes to Suspend Unfair Retirement Tax on Seniors

The U.S. House of Representatives approved bipartisan legislation today that would temporarily suspend a tax penalty for seniors who do not take a minimum withdrawal from their depleted retirement accounts, such as 401(k)s.

EXEMPT-ScrabbleThe Worker, Retiree and Employer Recovery Act (H.R. 7327), suspends for one year an Internal Revenue Service requirement that account holders of 401(k)-style plans must withdraw a minimum amount of money every year after they reach 70 ½ years old.  This suspension would be available to everyone regardless of their retirement account balances.

“Americans have seen trillions of dollars evaporate from their retirement accounts over the last few months as a result of our economic crisis,” said U.S. Rep. George Miller (D-CA), the chairman of the House Education and Labor Committee. “I’m glad that Congress worked swiftly, and in a bipartisan way, to provide important relief to seniors who may face a steep tax if they do not make a withdrawal from their depleted retirement accounts.” More »


Chairman Miller Unveils Principles to Preserve and Strengthen 401(k)s in the 111th Congress

In light of ongoing distortions of Democratic efforts to preserve and strengthen Americans' retirement security, Chairman George Miller recently reiterated the committee’s legislative priorities. The next Congress’ efforts to help Americans enjoy a secure retirement will include: exposing excess fees that Wall Street middle men take from workers' accounts, bringing young and low-wage workers into the system through automatic enrollment, ensuring that retirement accounts have diversified investment options with low fees, and much more. More about the committee's priorities for preserving and strengthening Americans' retirement security »

Committee Will Work with Obama-
Biden Administration to Rebuild and Strengthen the Middle Class

flag "Yesterday's historic election of Senators Barack Obama and Joe Biden as our next President and Vice President was a true victory for every child, student, worker and family in America." -- Chairman Miller

In the next Congress, Chairman Miller intends to keep the committee focused on rebuilding and strengthening America's middle class, by creating jobs, improving public schools, making college more affordable, and protecting retirement savings. More »

Witnesses: Economy May Slip Into Deep Recession Without Action; PBGC Lost Nearly $5 Billion

Chairman George Miller The American economy could slip into a deeper recession unless immediate action is taken to stem the tide of rising unemployment and falling family incomes, witnesses told the Committee on October 24. More »

The U.S. Pension Benefit Guaranty Corporation’s investment losses now total almost $5 billion in fiscal year 2008. More »

Financial Crisis Deepening Retirement Insecurity

Witnesses at October 7 hearing
Witnesses testify about
retirement security.
Witnesses told the Committee in an October 7 hearing that American workers have lost as much as $2 trillion in retirement savings over the last year – highlighting the devastating toll that the nation’s financial crisis is taking on their retirement plans. “Unlike Wall Street executives, American families don’t have a golden parachute to fall back on,” said Chairman George Miller. More »

Mental Health Treatment Measure Signed Into Law

A measure to ensure better access to treatment for people suffering from mental illnesses was signed into law as part of the financial rescue plan passed by the House on October 3. The legislation, previously passed as the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act (H.R. 6983), requires group health insurance plans that cover mental and addiction health benefits to put those benefits on equal footing with physical ailments. More »