Senate panel to look at pension rules in tax code, Wyden says

The Senate Finance Committee plans to examine the tax code in relation to pension and retirement rules, Committee Chairman Ron Wyden (D-OR) said in a memo to reporters on September 2, 2014.

“As the Finance Committee continues to work on comprehensive tax reform this fall, we will take a close look at pension and retirement rules in the tax code to make improvements wherever they’re needed,” said Wyden in a statement. The Committee plans to hold hearings on retirement security that will examine additional steps that could be taken to help American workers save.

Wyden noted that, exactly 40 years ago, President Ford signed ERISA into law, establishing “a new level of security for Americans in retirement.” He added, “In today’s economy, workers are carrying more and more of the load in preparation for retirement. It’s time to update our pension rules to help provide greater economic security in retirement—not less.”

Source: Statement by Sen. Ron Wyden.

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