Savings Coalition in Action

Savings Coalition in Action

The Savings Coalition supports legislation to provide incentives to increase personal savings for all Americans. Since its establishment in 1991, the Coalition has played a leadership role in influencing legislation to help all Americans save for their futures. Some key legislative milestones include:

2006. Savings Coalition was integral in securing a provision in the Pension Protection Act of 2006 that that made the retirement provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 permanent. The Savings Coalition also supported a provision in the bill that indexed IRA income limits for inflation.

2001. Savings Coalition was influential in increasing IRA contribution limits to $5,000, which will be adjusted for inflation after 2008, in the Economic Growth and Tax Relief Reconciliation Act of 2001. The bill created provisions that allow American workers age 50 and over, to make an additional $1,000 ‘catch up’ contribution to their IRAs.

1997. Savings Coalition active in winning passage of the Tax Relief Act of 1997 (TRA 97) containing significant incentives to help America’s savers. TRA 97 expanded eligibility for traditional individual retirement accounts and liberalized penalty-free withdrawal provisions for purchase of a first-time home, education expenses, and health expenses. Roth IRA was created which allowed for after-tax contributions and tax-free distributions.

1996. Savings Coalition helps secure increase in Spousal IRA contribution limits from $2,250 to $4,000, with passage of the 1996 Tax Bill.

Statement of the Savings Coalition of America to the Committee on Finance for the U.S. Senate: Retirement Savings 2.0: Updating Savings Policy for the Modern Economy ( 2014 ) 

Capitol Hill event, Retirement Savings: Perspectives for Tax Reform ( 2013 )

30th Anniversary of the Universal IRA: A time to Look at All Retirement Savings Today and Going Forward ( 2012 )

Savings Coalition event 7-18-12

Statement of the Savings Coalition of America in Connection with the US House of Representatives Committee on Ways and Means Hearing on Tax Reform and Tax favored Retirement Accounts
( 2012 )

Savings Coalition of America Letter to House & Senate Re: President’s Budget Proposal  ( 2011 ) 

Statement of Randy Hardock before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means ( 2008 ) 

Savings Coalition proposal to President’s Advisory Panel on Tax Reform ( 2005 )

Savings Coalition Statement of Support for LSAs, RSAs, ERSAs ( 2005 )

Savings Coalition Statement of Support for the Congressional Financial Literacy Caucus ( 2005 )

Savings Coalition submission to Tax Reform Panel ( 2005 )

Press release outlining Bush Administration’s savings proposals on existing savings vehicles ( 2003 )

Savings Coalition of America support for IRA provisions in the House and Senate bills and discussion of benefits for Americans once they are enacted.( 2001 )