093_HR0068

 
                                     LRB093 03980 LCB 04019 r

 1                          HOUSE RESOLUTION

 2        WHEREAS, Under tax relief legislation passed in 2001, the
 3    pension and individual retirement arrangement provisions  are
 4    set to sunset on December 31, 2010; and

 5        WHEREAS,   The   tax-deductible   contribution  limit  to
 6    Individual Retirement Accounts is  set  to  increase  through
 7    December  31,  2010; if the pension and individual retirement
 8    arrangement  provisions  sunset  as  stated   by   the   2001
 9    legislation,  IRA  funding limits will shrink by 60% in 2011;
10    and

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

16        WHEREAS, The  average  American  changes  jobs  10  times
17    throughout  his  or  her lifetime, therefore retirement funds
18    should be portable; and

19        WHEREAS, The population of this country enjoys a  longer,
20    more  proactive  life, including additional time spent in the
21    workforce; minimum  distribution  rules  should  reflect  the
22    increase   in   life   expectancy   and  adjust  accordingly,
23    therefore be it

24        RESOLVED,  BY  THE  HOUSE  OF  REPRESENTATIVES   OF   THE
25    NINETY-THIRD  GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
26    we request our elected Representatives and  Senators  in  the
27    United States Congress to support, work to pass, and vote for
28    making  the  pension  and  individual  retirement arrangement
29    provisions permanent; and be it further

30        RESOLVED, That a suitable  copy  of  this  resolution  be
31    presented   to   the   Speaker   of   the   U.S.   House   of
 
                            -2-      LRB093 03980 LCB 04019 r
 1    Representatives, the President Pro Tempore of the Senate, and
 2    each member of the Illinois congressional delegation.