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E-NewsletterLatest News »12/11/2008 12/10/2008 12/9/2008
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In the SpotlightHouse Votes to Suspend Unfair Retirement Tax on SeniorsThe 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. The 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 CongressIn 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-
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