Retirement and Pension Bill Ready for House Floor

The House Committee on Education and Workforce has approved a retirement security bill, the tax aspects of which met with approval from the Ways and Means Committee earlier this week.

The Comprehensive Retirement Security and Pension Reform Act of 2001, H.R. 10, will go before the entire House the week of April 30. The bill will "maximize every American's opportunity for a safe, secure retirement," according to Workforce Committee chairman John Boehner, R-OH.

The bill expands retirement plans for small businesses, shortens vesting periods, increases the portability of pension plans, and makes it easier for employers to implement pension plans for employees. In addition, the bill phases in an increase in the annual contribution allowed to Individual Retirement Accounts (both traditional and Roth) from $2,000 to $5,000, and then provides for a ratable increase indexed for inflation. There is also a provision for taxpayers over age 50 to begin contributing $5,000 to IRAs in 2001.

You may like these other stories...

Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...
Being an accountant doesn't mean you're giving investment advice to clients. However, at tax time, accountants often have to deal with the results of any investment advice clients obtained during the year—the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.