“With 30 million Baby Boomers at risk of not having enough retirement income and 10,000 Americans reaching retirement age every day, it is vital that tax reform protect existing tax treatment and tax-deferred savings incentives that spur retirement savings and economic growth. These incentives play a key role in producing
IRI is also urging policymakers to enact several specific provisions which have received broad bipartisan support and entail little revenue cost. These proposal will enhance retirement savings as part of tax reform. Finally, IRI expresses our positions on certain corporate tax provisions and points out the impact changes may have on our member companies' ability to minimize costs and maximize benefits of annuities and other retirement security products. IRI appreciates this opportunity to work with legislators on beneficial changes that will ensure Americans have the secure and dignified retirement they deserve.”
The following are some of the key points IRI outlines in the letter.
Support The Goals Of Tax Reform:
* Tax reform represents a key opportunity and IRI supports the goals of tax reform to increase economic growth and the competiveness of our tax system. With a growing economy, savings should increase with the right incentives. IRI stresses the importance of protecting retirement savers and making it easier for them to meet their savings goals.
Protect Retirement Savers:
* Preserve existing tax treatment and tax-deferred savings incentives that spur retirement security and economic growth.
* Maintain the diversity of different types and structures of retirement plans–such as 401(k), 403(b), and 457(f) plans–that are tailored for the employees of the private, governmental, church, educational and nonprofit sectors.
* Carefully, cautiously evaluate options – such as expanding Roth accounts – that depart dramatically from current incentives driving retirement savings; as such options pose a significant risk of causing negative behavioral impacts that impair retirement security.
Enact Enhancements That Make It Easier For Retirement Savers To Meet Their Goals:
* Common sense, bipartisan reforms–and core elements of IRI's 2017 Retirement Security Blueprint– will increase workers' access to lifetime income products and help Americans better prepare for a secure retirement.