The Insured Retirement Institute (IRI) urged Congressional leaders to protecting and enhancing the tax code as it relates to retirement savings in its tax reform plans.
Congressional Republicans, including Speaker of the House Paul Ryan (R-WI) and Senate Majority Leader Mitch McConnell (R-KY), released a tax reform framework last week that would “fix our broken tax code for families, small business, and American job creators competing at home and around the globe.”
IRI said it was pleased to see Congress moving forward on tax reforms, but urged them to preserve the current treatment of retirement savings.
“As thousands of Baby Boomers reach retirement age daily, they are facing complicated challenges in attaining the financial security they desire for their retirement,” IRI President and CEO Cathy Weatherford said. “To help them address those challenges, it is critical that tax reform do all that is possible to safeguard provisions that encourage and enhance their abilities to save for a secure and dignified retirement.”
She asked Congress and Trump Administration officials to keep the goal of protecting and enhancing the way the current tax code treats retirement savings at the forefront of their discussions.
IRI has been meeting with Trump Administration officials and members of Congress, urging the enactment of policies which will enhance retirement savings through tax reform.
“IRI looks forward to continuing our collaboration with the Trump Administration and Members of Congress on the proposals we have put forth on tax reform in letters we sent to the Administration and members of Congress who are engaged in drafting the tax reform bill,” Weatherford said.