2003-2004 Bill 3619: Pension Monies and Individual Retirement Accounts - South Carolina

South Carolina General Assembly

115th Session, 2003-2004

H. 3619

STATUS INFORMATION

Concurrent Resolution

Sponsors: Rep. W.D.Smith

Document Path: l:\council\bills\dka\3236dc03.doc

Introduced in the House on February 18, 2003

Introduced in the Senate on February 26, 2003

Currently residing in the Senate Committee on Finance

Summary: Pension monies and individual retirement accounts

HISTORY OF LEGISLATIVE ACTIONS

DateBodyAction Description with journal page number

2/18/2003HouseIntroduced HJ2

2/18/2003HouseReferred to Committee on Invitations and Memorial ResolutionsHJ2

2/19/2003HouseCommittee report: Favorable Invitations and Memorial ResolutionsHJ8

2/20/2003HouseDebate adjourned until Tuesday, February 25, 2003 HJ33

2/26/2003HouseAdopted, sent to Senate HJ29

2/26/2003SenateIntroduced SJ19

2/26/2003SenateReferred to Committee on FinanceSJ19

VERSIONS OF THIS BILL

2/18/2003

2/19/2003

COMMITTEE REPORT

February 19, 2003

H.3619

Introduced by Rep. W.D.Smith

S. Printed 2/19/03--H.

Read the first time February 18, 2003.

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (H.3619) to memorialize the Congress of the United States to continue to grant pension monies and Individual Retirement Accounts favorable tax treatment and repeal the provisions of the 2001 tax relief legislation which impede, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

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A CONCURRENT RESOLUTION

TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO CONTINUE TO GRANT PENSION MONIES AND INDIVIDUAL RETIREMENT ACCOUNTS FAVORABLE TAX TREATMENT AND REPEAL THE PROVISIONS OF THE 2001 TAX RELIEF LEGISLATION WHICH IMPEDE SUCH FAVORABLE TREATMENT.

Whereas, under tax relief legislation passed in 2001, the pension and Individual Retirement Arrangement provisions will sunset on December 31, 2010; and

Whereas, although the taxdeductible contribution limit for IRA contributions will increase through December 31, 2010, IRA funding limits will actually shrink by sixty percent in 2011 if pension and Individual Retirement Arrangement provisions sunset as provided in the 2001 tax relief legislation; and

Whereas, people fifty years of age and older have been allowed tax benefits for investing additional funds in their retirement accounts annually as “catchup” contributions, and this practice should continue because it maximizes retirement “nest eggs”; and

Whereas, pensions should be portable because the average American changes jobs ten times throughout his career span; and

Whereas, minimum distribution rules for pensions and retirement accounts should be adjusted to reflect the increase in work years and life expectancy because the population of this country enjoys a longer, more active life than that of a few generations ago and tends to spend more years in the work force. Now, therefore,

Be it resolved by the House of Representatives, the Senate concurring:

That the members of the General Assembly, by this resolution, memorialize the Congress of the United States to continue to grant pension monies and Individual Retirement Accounts favorable tax treatment and to repeal the provisions of the 2001 tax relief legislation which impede such favorable treatment.

Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.

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