S.Con.Res. 12 — Introduced in Senate

III 113th CONGRESS 1st Session S. CON. RES. 12 IN THE SENATE OF THE UNITED STATES April 10, 2013 Mr. Isakson (for himself, Mr. Murphy, Mr. Blumenthal, Mr. Portman, Mr. Tester, Mr. Cardin, Mr. Boozman, and Mrs. Hagan) submitted the following concurrent resolution; which was referred to the Committee on Finance CONCURRENT RESOLUTION Expressing the sense of the Congress that our current tax incentives for retirement savings provide important benefits to Americans to help plan for a financially secure retirement. Whereas private retirement plans in the United States paid out over $3,824,000,000,000 in benefits from 2000 through 2009, while public sector retirement plans paid out $2,651,000,000,000 during the same period, with both playing an essential role in providing retirement income for millions of our Nation’s senior citizens; Whereas there are approximately 670,000 private-sector defined contribution plans that are currently covering 67,000,000 participants, and over 48,000 private-sector defined benefit plans covering 44,000,000 participants; Whereas $4,700,000,000,000 is held in 401(k), 403(b), 457 and similar defined contribution plans, $2,300,000,000,000 is held in private defined benefit plans, and another $4,900,000,000,000 is held in Individual Retirement Accounts, largely consisting of funds rolled over from employer-based retirement plans; Whereas from 2000 through 2009, employers have contributed almost $3,500,000,000,000 to public and private retirement plans; Whereas tax incentives are an important impetus for individuals to save for retirement and for employers to offer plans under our voluntary system; Whereas generally, the taxation of amounts contributed to pension and retirement plans is simply deferred, not lost; Whereas more than 70 percent of American workers making between $30,000 and $50,000 a year contribute to their own retirement when covered by a retirement plan at work; Whereas under current law, if business owners and managers sponsor a retirement plan, they also must cover and provide benefits to lower-income and middle-income employees; Whereas 401(k) and similar defined contribution plans have been enhanced over the years by Congress on a bipartisan basis; Whereas the private retirement system in the United States is voluntary and is dependent on the willingness of business owners and corporations to adopt and maintain retirement plans; and Whereas the United States system of employer-based retirement savings is designed to work together with other personal savings and the Social Security program to provide meaningful income replacement upon retirement: Now, therefore, be it That it is the sense of the Congress that— (1) tax incentives for retirement savings play an important role in encouraging employers to sponsor and maintain retirement plans and encouraging participants to contribute to such plans; (2) existing tax incentives have increased the number of Americans who are covered by a retirement plan; and (3) a reformed and simplified Federal tax code should include properly structured tax incentives to maintain and contribute to such plans and to strengthen retirement security for all Americans.