SHRM-Backed Coalition Launches Effort to Preserve Tax Treatment of Retirement Contributions
Yesterday, Nov. 7, the SHRM-led Coalition to Protect Retirement officially launched its comprehensive advocacy and outreach strategy in support of employer-sponsored retirement plans. The Coalition, which has been working diligently since 2010 anticipating that Congress could look to the tax treatment and structure of employer-provided retirement plans to raise revenue for debt reduction purposes, is comprised of the leading trade and professional associations representing retirement plan sponsors, administrators, service providers and related financial institutions. Its mission is to encourage and support retirement savings for American employees by supporting tax incentives critical to retirement security.
The Coalition will release research in conjunction with the launch that reveals that Americans oppose any change to the current tax rules for their retirement savings plans, believing it will impede their ability to prepare for retirement. By a ratio of 4 to 1, Americans do not want Congress to change the current tax incentives for retirement savings accounts. At least 80% of Democrats, Republicans and Independents, and those across demographic and economic spectrums, believe retirement savings should be “off limits” in Congress’s efforts to raise revenue.
As the chair of the Coalition, SHRM has led a multi-faceted direct advocacy effort on Capitol Hill in 2013. Efforts include conducting over 100 in-person congressional office visits; submitting written testimony to the House Ways and Means Committee Retirement Working Group and; sending a letter to the Senate regarding tax reform as it pertains to employer-provided benefits. To support its direct advocacy efforts, the Coalition launch includes a fully functioning website, letter writing tool, and Twitter account. SHRM has mobilized our membership to advocate on this issue and visited more than 80% of Congressional offices, with more than 750 visits completed since 2012.
For more information regarding “The Effects of Tax Reform and Deficit Reduction on Employee Benefits”, please click HERE.
To access the Coalition’s full research findings, please click HERE.