House Concurrent Resolution 118

A CONCURRENT RESOLUTION REQUESTING THE CONGRESSIONAL DELEGATION OF THE STATE OF MISSISSIPPI TO PASS LEGISLATION THAT WILL MAKE PERMANENT THE PENSION AND INDIVIDUAL RETIREMENT ARRANGEMENT PROVISIONS OF THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001.

WHEREAS, under the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) that passed in 2001, the pension and individual retirement arrangement provisions are set to sunset on December 31, 2010; and

WHEREAS, the tax-deductible contribution limit to Individual Retirement Accounts is set to increase through December 31, 2010, and if the pension and individual retirement arrangement provisions sunset as stated by EGTRRA, IRA funding limits will shrink by 60% in 2011; and

WHEREAS, people age 50 and older should be allowed to continue to invest additional funds in "catch-up" contributions per year into their retirement savings plans, as this safeguards up-and-coming retirees against fluctuating markets; and

WHEREAS, the average American changes jobs ten times throughout their lifetime; therefore, retirement funds should be portable; and

WHEREAS, the population of this country enjoys a longer, more proactive life, including additional time spent in the workforce and the minimum distribution rules should reflect the increase in life expectancy and adjust accordingly; and

WHEREAS, this Legislature supports the passage of any federal legislation that will protect working Americans' ability to save more for retirement:

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, THE SENATE CONCURRING THEREIN, That we request our congressional delegation to pass legislation that will make permanent the pension and individual retirement arrangement provisions of the Economic and Tax Relief Reconciliation Act of 2001.

BE IT FURTHER RESOLVED, That copies of this resolution be furnished to the Mississippi Congressional Delegation and to the members of the Capitol Press Corps.