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Senate Resolution 03-022 |
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SENATE JOINT RESOLUTION 03-022 BY SENATOR(S) Cairns, Andrews, Arnold, Chlouber, Dyer, Entz, Evans, Hillman, Johnson S., Jones, Kester, Lamborn, May, McElhany, Owen, Taylor, Teck, and Sandoval; also REPRESENTATIVE(S) Fairbank, Brophy, Butcher, Cadman, Cloer, Coleman, Crane, Frangas, Fritz, Hall, Harvey, Hefley, Hoppe, Jahn, Johnson R., King, Lee, Madden, May M., McCluskey, Merrifield, Miller, Mitchell, Paccione, Rhodes, Romanoff, Salazar, Spradley, Stafford, Stengel, Tochtrop, Veiga, Wiens, and Young. CONCERNING A REQUEST THAT THE COLORADO CONGRESSIONAL DELEGATION WORK TO PROTECT THE PERMANENCY OF THE SAVINGS OF THE UNITED STATES. WHEREAS, Under federal tax relief legislation passed in 2001, the pension and individual retirement arrangement provisions are set to sunset on December 31, 2010; and WHEREAS, The tax-deductible contribution limit to Individual Retirement Accounts is set to increase through December 31, 2010, and if the pension and individual retirement arrangement provisions sunset as stated by the 2001 legislation, Individual Retirement Account funding limits will shrink by 60% in 2011; and WHEREAS, People age 50 and older should be allowed to continue to invest additional funds in "catch-up" contributions each year into their retirement savings plans as this safeguards those close to retirement against fluctuating markets; and WHEREAS, Since the average American changes jobs 10 times throughout his or her lifetime, retirement funds should be portable; and WHEREAS, The population of this country enjoys a longer, more proactive life, including additional time spent in the workforce, and minimum distribution rules should reflect the increase in life expectancy and adjust accordingly; now, therefore, Be It Resolved by the Senate of the Sixty-fourth General Assembly of the State of Colorado, the House of Representatives concurring herein: That the General Assembly encourages the Colorado congressional delegation to support and work toward making the pension and individual retirement arrangement provisions permanent. Be It Further Resolved, That copies of this Joint Resolution be sent to President George W. Bush, Chairman of the Council of Economic Advisers R. Glenn Hubbard, and each member of Colorado's congressional delegation. ____________________________ ____________________________ John Andrews Lola Spradley PRESIDENT OF SPEAKER OF THE HOUSE THE SENATE OF REPRESENTATIVES ____________________________ ____________________________ Mona Heustis Judith Rodrigue SECRETARY OF CHIEF CLERK OF THE HOUSE THE SENATE OF REPRESENTATIVES |
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