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AJR-6 Retirement security and savings.(2001-2002)

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AJR6:v97#DOCUMENT

Assembly Joint Resolution No. 6
CHAPTER 121

Relative to retirement security and savings.

[ Filed with Secretary of State  August 20, 2002. ]

LEGISLATIVE COUNSEL'S DIGEST


AJR 6, Canciamilla. Retirement security and savings.
This measure would memorialize the President and the Congress to enact new legislation that would embody provisions of the Retirement Security and Savings Act of 2000, which was considered by Congress in 2000.

WHEREAS, It has become increasingly apparent that many working individuals face challenges that make it difficult for them to maximize their retirement savings and plan adequately for their retirement; and
WHEREAS, Current law could be amended to encourage and facilitate increased retirement savings and retirement planning; and
WHEREAS, The 106th Congress considered H.R. 1102, the Retirement Security and Savings Act of 2000, which subsequently failed passage; and
WHEREAS, The Retirement Security and Savings Act of 2000 would have increased the amount of deductible contributions workers could make each year to an Individual Retirement Account, commonly known as an IRA, with special accelerations allowed for individuals 50 years of age and older; and
WHEREAS, The Retirement Security and Savings Act of 2000 would have increased the dollar limit on deductions for participation in tax-deferred retirement plans, tax-sheltered annuities, and deferred compensation plans under Sections 401(k), 403(b), and 457 of Title 26 of the United States Code; and
WHEREAS, The Retirement Security and Savings Act of 2000 would have repealed the laws that require the coordination of contributions to a plan under Section 457 of Title 26 of the United States Code with contributions to other such plans; and
WHEREAS, The Retirement Security and Savings Act of 2000 would have revised and clarified existing law to enhance pension fairness for women; and
WHEREAS, The Retirement Security and Savings Act of 2000 would have increased pension portability by allowing distributions from IRAs, tax-deferred retirement plans, tax-sheltered annuities, and deferred compensation plans under Sections 401(k), 403(b), and 457 of Title 26 of the United States Code to be rolled over to other plans or arrangements, including a surviving spouse’s plans or arrangements; and
WHEREAS, The Retirement Security and Savings Act of 2000 would have allowed a participant in a state or local government plan to exclude from gross income certain direct transfers of funds if they were used to purchase permissive service credits under the plan or to repay certain contributions; now, therefore, be it
Resolved by the Assembly and Senate of the State of California, jointly, That the Legislature of the State of California respectfully requests that the President of the United States and the Congress of the United States enact legislation containing provisions similar to the Retirement Security and Savings Act of 2000; and be it further
Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the President and Vice President of the United States, the Speaker of the House of Representatives, the Majority Leader of the Senate, and each Senator and Representative from California in the Congress of the United States.