January 25, 1991
TO: MARKETING COMMITTEE NO. 5-91
SALES FORCE MARKETING COMMITTEE NO. 3-91
DIRECT MARKETING COMMITTEE NO. 3-91
RE: BENTSEN PROPOSES UNIVERSAL "SUPER" IRA
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Attached is a memorandum to the Institute’s Pension
Committee which describes Senator Lloyd Bentsen’s proposal to
introduce legislation which will create a "Super IRA".
The Super IRA would restore the universally deductible IRA
and establish a new, non-deductible IRA which allows for tax-free
distributions as long as assets remained in the account for at
least 5 years. The Super IRA would also permit penalty free
withdrawals for first home purchases, educational expenses and
devastating medical expenses by an individual or his family
members from their IRAs.
As noted in the attached memorandum, a meeting of Pension
Committee members has been scheduled for February 5, 1991 during
which the Super IRA proposal and other matters will be addressed.
If you are interested in attending this meeting, we urge you to
discuss this matter with your pension personnel and call Wynetta
Singhateh at 202/955-3525 by February 1, 1991.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachment