Letter to Members of the U.S. House Committee on Ways and Means regarding pension reform legislation
July 18, 2003
Committee on Ways and Means
U.S. House of Representatives
1102 Longworth House Office Building
Washington, D.C. 20515
As you begin the markup of the pension reform legislation, the Credit Union National Association (CUNA) urges you to include provisions that would encourage and expand savings opportunities for all citizens. CUNA represents over 90 percent of our nation's more than 10,000 state and federal credit unions and 82 million credit union members.
CUNA strongly supports simplification of pension and retirement savings rules which would enhance retirement savings and promote more coverage. We urge you to include provisions that would simplify and update the minimum distribution rules, allow direct rollovers from retirement plans to Roth IRAs, expand the Savers Credit, accelerate savings limit increases, further expand the availability of IRAs and pensions, make investment education available for employees and expand retirement savings opportunities for employees of tax-exempt organizations.
Proposals to raise IRA contribution limits to $5,000 and other pension limits to $15,000 are particularly needed and we urge you to make them effective for the year 2003. We also believe the catch-up contribution limits with respect to savers age 50 and over should be made effective for 2003.
Thank you for considering our views.
Daniel A. Mica
President & CEO