S.Amdt. 770
What it does: Adds SEC. 7. SENSE OF THE SENATE REGARDING RETIREMENT SAVINGS at the end of the bill
Sen. John Barrasso (R-WY)What it changes
1 change to S. 743 · shown in the bill's text
Adds SEC. 7. SENSE OF THE SENATE REGARDING RETIREMENT SAVINGS at the end of the bill
Adds a sectionIn S. 743 · Placed on Calendar Senate
Except as otherwise provided in this Act, this Act shall not be construed to preempt or limit any power exercised or to be exercised by a State or local jurisdiction under the law of such State or local jurisdiction or under any other Federal law.
Inserted: SEC. 7. SENSE OF THE SENATE REGARDING RETIREMENT SAVINGS.
Inserted: (a) Findings.--Congress makes the following findings:
Inserted: (1) The Social Security Board of Trustees projects that the combined Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) trust funds will be exhausted by 2033.
Inserted: (2) The Social Security Board of Trustees also projects that after the OASI and DI trust funds are exhausted, incoming receipts will only be able to cover around 75 percent of the scheduled annual benefits in 2033.
Inserted: (3) Employer-based retirement savings, personal savings, and Social Security can combine to provide Americans with meaningful income replacement upon retirement.
Inserted: (4) Defined contribution plans have a substantial impact on interstate commerce and are affected with a national interest.
Inserted: (5) 67,000,000 participants are currently covered by approximately 670,000 private sector-defined contribution plans.
Inserted: (6) The President's budget proposal for fiscal year 2014 seeks to "limit an individual's total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3,000,000 for someone retiring in 2013.".
Inserted: (7) The President's proposal targets private sector-defined contribution plans while providing no cap on government-defined benefit and pension plans.
Inserted: (8) Savings in traditional retirement accounts are invested and grow tax free, but the money is fully taxed during the withdrawal phase.
Inserted: (b) Sense of the Senate.--It is the sense of the Senate that the Government of the United States--
Inserted: (1) should not endeavor to define reasonable levels of retirement savings for individuals and their families;
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Inserted: (2) should not limit the balances of traditional IRA, Roth IRA, 401(k), and defined contribution plans; and
Inserted: (3) should encourage individuals to responsibly save and invest for their retirement.
Original wording
At the end, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 770. Mr. BARRASSO submitted an amendment intended to be proposed by him to the bill S. 743, to restore States' sovereign rights to enforce State and local sales and use tax laws, and for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
SEC. 7. SENSE OF THE SENATE REGARDING RETIREMENT SAVINGS.
(a) Findings.--Congress makes the following findings:
(1) The Social Security Board of Trustees projects that the combined Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) trust funds will be exhausted by 2033.
(2) The Social Security Board of Trustees also projects that after the OASI and DI trust funds are exhausted, incoming receipts will only be able to cover around 75 percent of the scheduled annual benefits in 2033.
(3) Employer-based retirement savings, personal savings, and Social Security can combine to provide Americans with meaningful income replacement upon retirement.
(4) Defined contribution plans have a substantial impact on interstate commerce and are affected with a national interest.
(5) 67,000,000 participants are currently covered by approximately 670,000 private sector-defined contribution plans.
(6) The President's budget proposal for fiscal year 2014 seeks to “limit an individual's total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3,000,000 for someone retiring in 2013.”.
(7) The President's proposal targets private sector-defined contribution plans while providing no cap on government-defined benefit and pension plans.
(8) Savings in traditional retirement accounts are invested and grow tax free, but the money is fully taxed during the withdrawal phase.
(b) Sense of the Senate.--It is the sense of the Senate that the Government of the United States--
(1) should not endeavor to define reasonable levels of retirement savings for individuals and their families;
(2) should not limit the balances of traditional IRA, Roth IRA, 401(k), and defined contribution plans; and
(3) should encourage individuals to responsibly save and invest for their retirement.
Legislative Activity
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Senate amendment submitted
April 24, 2013