The Securities Industry Association called on the White House and Congress to add pension law reforms and retirement provisions to the Bush administrations tax package, which was presented today.
"The cost for retirement security for all Americans is roughly $63 billion over the next 10 years. Given the mounting budget surpluses, there is room in the budget to accommodate improvements in retirement savings accounts while helping more small businesses to offer pension programs. If we dont take this opportunity to do something now, while we have the fiscal resources, we face serious challenges down the road, said Steve Judge, SIA senior vice president for government affairs. He noted that numerous studies indicate Americans are not saving what theyll need to retire. In one recent survey, most respondents singled out retirement savings incentives as the most important tax break they could receive, he said.