Jane Harman: “I rise today to support H.R. 10, the Comprehensive Retirement Security and Pension Reform Act of 2001, which will…”

“I rise today to support H.R. 10, the Comprehensive Retirement Security and Pension Reform Act of 2001, which will improve the ability of all Americans to save for retirement. Since 1981, the IRA contribution limit has not been adjusted for inflation. This legislation increases the contribution limit over the next 3 years to $5,000. Additionally, those who are over 50 are given the opportunity to "catch up" through an increased contribution limit of $5,000 beginning in 2002. This legislation also addresses the needs of the increasingly mobile workforce through provisions which provide quicker vesting for employer matching funds, a simpler pension system to encourage small businesses to provide pension plans and a faster vesting of employer matching contributions. These provisions will allow the younger generation of workers to better plan and adequately prepare for retirement. Mr. Speaker, I was not here the last time this legislation was considered on the House floor, but had I been, this legislation would have had my full support. I urge my colleagues to support H.R. 10.”