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Strategies & Market Trends : Fidelity Select Sector funds
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To: Shihchung Diana Shiue who started this subject12/27/2001 10:52:10 AM
From: Julius Wong   of 4916
 
Summary of H.R. 10, the Comprehensive Retirement Security and Pension Reform Act of 2001

Highlights of the bill are as outlined below. These provisions are nearly identical to H.R. 1102, the Portman-Cardin pension reform legislation from the 106th Congress that passed the House overwhelmingly last year.

Individual Retirement Arrangements ("IRAs")

The current-law $2,000 IRA contribution limit for both traditional and Roth IRAs would be increased to $5,000 ($3,000 in 2002, $4,000 in 2003, and $5,000 in 2004), and indexed for inflation thereafter.

Taxpayers age 50 and above would be permitted to contribute $5,000 to an IRA immediately beginning in 2002 (no phase-in would apply). These "catch-up" contributions would enable older taxpayers to more fully prepare for retirement.

Pension Reform and Modernization Package

The bill contains over 50 provisions designed to improve retirement security, including:
Increased contribution and benefit limits in tax-favored retirement plans;
Additional salary reduction "catch-up" contributions for workers age 50 and above;
Shortened vesting requirements for employer matching contributions;
Increased portability of retirement plan assets making it easier for employees to roll over assets when they change jobs; and
A simplified pension system to encourage small businesses to offer pension plans.

tnd.house.gov
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