ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 7, 2001 #01-12
E-mail: [email protected]

ACB URGES PRESIDENT TO BACK TAX INCENTIVES FOR SAVINGS

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Editors, Reporters:

America’s Community Bankers urged President Bush today to expand the benefits of his tax cut initiatives to include incentives for individuals to save more for retirement.

“Your tax cut proposal, and the additional provisions we recommend, are essential to the nation’s economic future,” said ACB President Diane M. Casey in a letter to the president. “Increasing the national savings rate would increase economic growth by creating investment capital and reducing interest rates.”

ACB’s program includes:

Increasing the annual limit on Individual Retirement Account contributions to $5,000 from the current $2,000.
Increasing the annual amount that can be contributed to 401(k) and other qualified retirement plans.
Allowing persons aged 50 or more to make “catch up” contributions to IRAs and qualified retirement plans.
Streamlining the administrative and regulatory rules for pension plans, especially as they apply to small businesses.

“Each year of delay in increasing retirement options puts working Americans further behind in their ability to provide for their retirement,” Casey said. “It is vital that the retirement savings incentives that ACB has outlined be enacted this year.”

ACB’s Letter is ATTACHED.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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