SF 540

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                             A resolution
  1.2             memorializing Congress to work to protect America's 
  1.3             savings permanently. 
  1.4      
  1.5      WHEREAS, under tax relief legislation passed in 2001, the 
  1.6   pension and individual retirement arrangement provisions are set 
  1.7   to sunset on December 31, 2010; and 
  1.8      WHEREAS, the tax-deductible contribution limit to 
  1.9   individual retirement accounts is set to increase through 
  1.10  December 31, 2010, and if the pension and individual retirement 
  1.11  arrangement provisions sunset as stated by the 2001 legislation, 
  1.12  IRA funding limits will shrink by 60 percent in 2011; and 
  1.13     WHEREAS, people age 50 and older should be allowed to 
  1.14  continue to invest additional funds annually in "catch-up" 
  1.15  contributions to their retirement savings plans, as this 
  1.16  safeguards prospective retirees against fluctuating markets; and 
  1.17     WHEREAS, the average American changes jobs ten times in a 
  1.18  lifetime, so that retirement funds need to be portable; and 
  1.19     WHEREAS, because the population of this country enjoys a 
  1.20  longer, more active life than in the past, including additional 
  1.21  time spent in the workforce, minimum distribution rules should 
  1.22  reflect the increase in life expectancy and adjust accordingly; 
  1.23  NOW, THEREFORE, 
  1.24     BE IT RESOLVED by the Legislature of the State of Minnesota 
  2.1   that it urges the United States Congress to support, work to 
  2.2   pass, and vote for making the pension and individual retirement 
  2.3   arrangement provisions permanent. 
  2.4      BE IT FURTHER RESOLVED that the Secretary of State of the 
  2.5   State of Minnesota is directed to prepare copies of this 
  2.6   memorial and transmit them to the President and Vice-President 
  2.7   of the United States, the President and the Secretary of the 
  2.8   United States Senate, the Speaker and the Clerk of the United 
  2.9   States House of Representatives, and Minnesota's Senators and 
  2.10  Representatives in Congress.