August 6, 1992
TO: BOARD OF GOVERNORS NO. 54-92
MEMBERS - ONE PER COMPLEX NO. 23-92
FEDERAL LEGISLATION COMMITTEE NO. 6-92
PENSION COMMITTEE NO. 28-92
TAX COMMITTEE NO. 31-92
RE: Senate Voting on Super IRA proposal; Letters of Support
__________________________________________________________
As early as today, the full U. S. Senate may consider major
tax legislation (H.R. 11) that contains the Bentsen-Roth Super
IRA proposal to make deductible IRAs available to all Americans
again.
The Bentsen-Roth Super IRA proposal would provide
individuals with two savings options: a traditional, tax-
deductible IRA, or a new IRA, where contributions would not be
tax-deductible, but earnings held for five years would not be
taxed when withdrawn. The proposal also provides new flexibility
by permitting penalty free withdrawals for first time home
purchases, college educational expenses and financially
devastating medical expenses.
The vote in the Senate will not be an easy one. Amendments
to strike the IRA are already filed.
Therefore, it is critical that Senators hear from industry
representatives regarding your support of the Super IRA proposal.
We are asking that you write your Senators as soon as possible to
let them know of your support of the Super IRA. Attached is a
summary of "talking points" that you may find helpful. It is our
recommendation that you fax and/or overnight mail these letters;
the fax numbers are included where they are available.
If you have any questions, please call me or Julie
Domenick. Thank you for your assistance in this very important
effort.
Matthew P. Fink
President
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