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Politics : American Presidential Politics and foreign affairs

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To: Peter Dierks who wrote (682)	4/14/2005 12:15:56 AM
From: Peter Dierks	Read Replies (1) of 71588

AFP Donates "Complete Idiot’s Guide to 401(k) Plans" to Congressional Opponents of Social Security Reform 401(k)-Style PRAs Would Improve Social Security, Group Says 4/13/05 WASHINGTON -- The free-market grassroots group Americans for Prosperity today sent complimentary copies of the personal finance book The Complete Idiot's Guide to 401(k) Plans to five U.S. Senators and Representatives who have repeatedly voiced opposition to President Bush's proposal to establish voluntary 401(k)-style Personal Retirement Accounts as part of Social Security reform. The group also sent a free bonus copy to Mr. William Novelli, the president of AARP. "Millions of American workers are on the path toward a more comfortable, secure retirement because they've invested wisely and safely in 401(k) plans and IRAs," said Americans for Prosperity spokesman Ed Frank. "Allowing workers to also put some of their payroll taxes into 401(k)-style Social Security Personal Retirement Accounts will further strengthen their retirement security, and I hope the book will clearly illustrate this point to these opponents of PRAs." Americans for Prosperity sent copies of the book to Senators Harry Reid, Richard Durbin and Hillary Rodham Clinton, and to U.S. Representatives Nancy Pelosi and Charlie Rangel. Frank urged the book's recipients to pay particular attention to Chapter 23, which is titled "Social Security and Medicare." "That chapter explains how the current Social Security system is broken and needs to be fixed," Frank said. "It's clear that unless the system is reformed, it won't meet the needs of tomorrow's retirees, so workers should be allowed to build a larger nest egg by investing some of their payroll taxes in personal accounts." Personal Retirement Accounts would allow younger workers to voluntarily put part of their payroll taxes into highly diversified bond funds and stock funds that will almost certainly grow at a much higher rate of return than the current system. Americans for Prosperity has endorsed PRAs in its Social Security Reform Principles, which can be viewed at the group's online Social Security reform hub, www.socialsecurityforall.com. americansforprosperity.org

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