July 31, 1991
TO: PENSION MEMBERS NO. 28-91
MEMBERS - ONE PER COMPLEX NO. 31-91
RE: INSTITUTE TESTIFIES IN SUPPORT OF BENTSEN-ROTH IRA BILL
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The Institute testified today in support of S. 612, the
"Savings and Investment Incentive Act of 1991," during hearings
held by the Senate Finance Committee. The legislation, commonly
referred to as the Bentsen-Roth "Super IRA," restores the
universal deductibility of IRA contributions. It also creates a
non-deductible "special IRA" which allows tax-free withdrawal of
earnings attributable to contributions which have been invested
for at least five years. (See Institute Memorandum to Pension
Members No. 10-91 and Members - One Per Complex No. 12-91 dated
March 13, 1991.)
The Institute testified that the Super IRA will help meet
the need for greater individual retirement savings in the United
States. This saving is necessary to help ensure individual
retirement security and increase capital formation for economic
growth. A copy of the Institute's oral testimony and written
statement supporting the Super IRA legislation are attached.
We will keep you informed of developments.
W. Richard Mason
Assistant Counsel - Pension
Attachment