February 28, 2002
Important Accomplishments for America's Workers
Much has already been accomplished by the President and Congress to help Americans save more:
- $50 billion in tax cuts have given Americans additional freedom to invest in their retirement security.
- The death tax has been put on a path to extinction.
- Substantial increases in contribution limits on IRAs and 401(k) plans have removed barriers to Americans ability to set money aside for their future.
- The new tax law allows Americans, once they reach the age of 50, to make catch-up contributions to their IRAs and 401(k). This especially helps women who have taken time away from the workforce.
- New tax credits are in place to help small businesses offer their employees pension plans.
- The new tax law requires companies to vest their employees retirement rights more quickly, giving Americans ownership of their retirement assets faster than ever before.
- The new tax law makes it easier for workers to roll over their retirement savings when they change jobs.