Yes, that is true, under the exemption rates for next year. Under the exemption rates for next year, it will be two-tenths of 1 percent. I believe this year it is five-tenths of 1 percent; there are 99.5 percent this year that are exempt. Next year it will be 99.8 percent exempt, as the rate goes up.
Discussing exemption rates during a floor speech.
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I think there is just a tremendous opportunity here, and I really applaud the two of you for doing this in a bipartisan way.
I would just say our Retirement Security Plans and our Retirement Security Clearinghouses are responding to the underlying dynamic that Professor Mead has done such a good job in describing.
If you are really going to relieve me of the administrative burden, if you are going to really relieve me of the liability, if you are going to really relieve me of the cost other than the payroll transfer.
You know, we met with a Congressman on the Ways and Means Committee this morning, and we were on a subject related to this. You really see it with our elderly people who do not have options or options are closing in on them.
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