| 00:00:03 |
Unidentified Speaker, -
RETIREMENT ACCOUNTS AS PART OF COMPREHENSIVE TAX REFORM. WITNESSES DISCUSSED WHAT TAX INCENTIVES ARE MOST EFFECTIVE IN GETTING WORKERS TO SAVE. CONGRESSMAN...
|
| 00:00:33 |
Unidentified Speaker, -
RESULT IN A BIPARTISAN PASS FORWARD TO REFORM OUR INCOME TAX SYSTEM. MUCH OF THE DISCUSSION IS SEPARATE -- IS ON THE CORPORATE SIDE. JAPAN LOWERED...
|
| 00:06:09 |
Unidentified Speaker, -
MEAN FOR A VERY SPECIFIC SET OF PROVISIONS, DESIGNED TO PROMOTE RETIREMENT SAVINGS. THE HAVE BENEFITED TENS OF MILLIONS OF AMERICAN FAMILIES. THE ESTIMATES...
|
| 00:10:14 |
Unidentified Speaker, -
RETIREMENT ACCOUNTS AND IT WILL BE HELPFUL AS WE TAKE A LOOK AT THE COMPLEXITIES AT THIS PART OF THE TAX CODE. I WOULD LIKE TO WELCOME DOCTOR JACK VANDERHEI....
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| 00:12:08 |
Unidentified Speaker, -
I AM A RESEARCH DIRECTOR OF THE EMPLOYEE BENEFIT RESEARCH INSTITUTE. WE HAVE CONDUCTED RESEARCH FOR THE PAST 34 YEARS. EBRI DOES NOT TAKE POLICY POSITIONS...
|
| 00:17:46 |
Unidentified Speaker, -
THE
|
| 00:17:47 |
Unidentified Speaker, -
RETIREMENT POLICY FOR THE AMERICAN SOCIETY OF PENSION PROFESSIONALS. WE WORK WITH EMPLOYERS OF ALL TYPES BUT OUR PRIMARY FOCUS IS SMALL BUSINESS. TWO...
|
| 00:23:10 |
Unidentified Speaker, -
OF A LAW FIRM THAT FOCUSES ON EMPLOYEE BENEFITS. PRIOR
|
| 00:23:14 |
Unidentified Speaker, -
TO JOINING I WAS TAX COUNSEL AT THE OFFICE OF TAX POLICY AT THE DEPARTMENT'S TREASURY. I WILL TESTIFY TODAY ABOUT THE SIMPLIFICATION PROPOSALS FOR RETIREMENT...
|
| 00:27:54 |
Unidentified Speaker, -
THAT ALL AMERICANS HAVE THE OPPORTUNITY TO SAVE FOR RETIREMENT.
|
| 00:27:58 |
Unidentified Speaker, -
I AM A SENIOR RESEARCH FELLOW AT THE HERITAGE FOUNDATION AND THE DEPUTY DIRECTOR OF THE RETIREMENT SECURITY PROJECT. THIS IS AN ISSUE THAT TRANSCENDS...
|
| 00:33:00 |
Unidentified Speaker, -
EXPERIENCE SPECIALIZING IN RETIREMENT PLANS.
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| 00:33:02 |
Unidentified Speaker, -
I SERVED AT TAX COUNSEL FOR THE TREASURY AND WAS THE SENATE FINANCE COMMITTEE TAX COUNTS RESPONSIBLE FOR RETIREMENT ISSUES DURING THE 1986 TAX REFORM...
|
| 00:38:20 |
Unidentified Speaker, -
HAVE TO SPEND MILLIONS OF HOURS PREPARING THEIR TAXES. BECAUSE OUR SYSTEM IS COMPLEX, NOT ONLY IS COMPLIANCE COMPLICATED, BUT LONG-TERM FINANCIAL PLANNING...
|
| 00:39:46 |
Unidentified Speaker, -
CHOOSE BETWEEN 401 K, THEY SIMPLY HAVE ONE. THOSE CHOICES ARE NOT DIFFICULT AND WHEN THEY COME INTO PLAY THEY ARE MADE BY EMPLOYERS. WHAT YOU GET IF YOU...
|
| 00:40:50 |
Unidentified Speaker, -
OF SAVINGS PLANS ARE CONFUSING. IT CAUSED ANXIETY AMONG SMALL BUSINESSES THAT WERE CONSIDERING STARTING SOME SORT OF A PLAN, ESPECIALLY THE ONES EARLY...
|
| 00:42:22 |
Unidentified Speaker, -
ONE OF THE THINGS WE TRIED TO
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| 00:42:27 |
Unidentified Speaker, -
DO WAS TO ELIMINATE THE INCOME LIMITS BECAUSE WHEN YOU HAVE THEM, YOU'RE NOT SURE WHETHER YOU ARE ELIGIBLE TO MAKE A CONTRIBUTION TO AN IRA. IF ANY...
|
| 00:45:24 |
Unidentified Speaker, -
EMPLOYER, IT IS NOT THAT CONFUSING. WHEN YOU SAY HERE IS THIS AND THIS AND THIS. BUT IF YOU ARE SAYING HE WANTED A RETIREMENT PLAN, HE WANT TO HAVE AN...
|
| 00:47:37 |
Unidentified Speaker, -
RANDY AND JUDY SAID. FROM AN ABSTRACT VIEWPOINT, IF YOU LOOK TO EMPLOYERS, YOU INTRODUCE A NEW SET OF NON- DISCRIMINATION TESTING IF YOU DID SOMETHING...
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| 00:48:27 |
Unidentified Speaker, -
HEARING THAT HAS SIGNIFICANCE FOR TAX REFORM FOR THIS ISSUE AND BEYOND. WHILE THERE ARE SOME DIFFERENCES AMONG YOU, SOME, I THINK EVERYONE BELIEVES THAT...
|
| 00:50:03 |
Unidentified Speaker, -
I AM NOT SURE THIS
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| 00:50:05 |
Unidentified Speaker, -
IS THE WAY TO PUT IT. MR. HARDOCK, YOU SAID, AFTER
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| 00:50:12 |
Unidentified Speaker, -
TALKING ABOUT THE IMPORTANCE OF RETIREMENT SAVINGS, FOR THAT REASON THE FIRST AND MORRIS IMPORTANT PRINCIPLE WE URGE THE COMMITTEE TO CONSIDER -- MOST...
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| 00:53:02 |
Unidentified Speaker, -
GOOD DISCUSSION. IT IS IMPORTANT THAT I DO NOT THINK ANYONE IS PROPOSING ELIMINATING THIS AREA. THE CLOSEST
|
| 00:53:09 |
Unidentified Speaker, -
THING WAS THE COMMISSION ON FISCAL RESPONSIBILITY, WHICH CAPPED THIS BUT DID NOT ELIMINATE THIS. THERE IS NO PROPOSAL TO DO SUCH A THING. >> IN THE...
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| 00:53:33 |
Unidentified Speaker, -
THAT IS ONE REASON I VOTED AGAINST THE COMMISSION. >> THANK
|
| 00:53:42 |
Unidentified Speaker, -
YOU FOR YOUR WORK YOU PUT IN THE AUTOMATIC PROPOSAL. AS SOMEBODY FROM A SMALL
|
| 00:53:50 |
Unidentified Speaker, -
BUSINESS, THE FIRST QUESTION THAT MANY SMALL-BUSINESS OWNERS WILL HAVE ABOUT ANY KIND OF MANDATED IRA IS, WHAT IS THIS GOING TO COST ME? WOULD AUTOMATIC...
|
| 00:54:18 |
Unidentified Speaker, -
THAT MOST EMPLOYERS THAT ARE COVERED, 97%, ACCORDING TO STUDIES BY A VARIETY OF FIRMS, ALREADY USE SOME FORM OF A PAYROLL PROCESSING SOFTWARE. FOR THOSE,...
|
| 00:55:40 |
Unidentified Speaker, -
CURRENT PYRRHO PROVIDER, WE HAVE MEMBERS
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| 00:55:43 |
Unidentified Speaker, -
WHO ARE INTERESTED IN PROVIDING THIS. THE CREDIT SHOULD MORE THAN COVER ANY COSTS INCURRED BY THE EMPLOYER. >> MR. JOHN, I AND STAND YOUR PROPOSAL WOULD...
|
| 00:56:04 |
Unidentified Speaker, -
THE PAST, THERE HAS BEEN PROPOSALS TO CREATE A PERSONAL RETIREMENT ACCOUNTS THAT WOULD BE ADMINISTERED BY THE SOCIAL SECURITY ADMINISTRATION. SOME MIGHT...
|
| 00:56:39 |
Unidentified Speaker, -
THERE IS A PRIVATE SIN -- SECTOR FUNDS MANAGEMENT INDUSTRY WHICH WORKS WELL. WE DO NOT SEE ANY REASON TO SUPPLANT IT BY GOVERNMENT ENTITY. WE DO HAVE...
|
| 00:57:41 |
Unidentified Speaker, -
INTERESTED IN PENSION AND RETIREMENT ISSUES, I LOOK FORWARD TO WORKING WITH YOU. AND OTHERS ON THIS ISSUE. I THINK WE NEED TO MAKE SURE THAT AMERICANS...
|
| 01:00:01 |
Unidentified Speaker, -
SAVE MATTER WHAT YOU DO. THERE ARE PEOPLE WHO WILL SAVE MATTER WHAT. THAT IS MY MOTHER. THEN THERE IS ALMOST EVERYONE ELSE THAT WANTS TO DO THE RIGHT...
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| 01:01:28 |
Unidentified Speaker, -
ACCESS. WE CAN TALK ALL YOU WANT ABOUT DOING IT ON YOUR OWN BUT 95% OF PEOPLE DO NOT. THE SECOND IS TO START YOUNG. ANOTHER THING IS DOC OTTO ENROLLMENT...
|
| 01:02:27 |
Unidentified Speaker, -
THOUGHT, WE WERE TRYING TO HARNESS THE INDUSTRY TO DO MORE ADVERTISING WITH REGARD TO SAVINGS. ONE OF THE THINGS WE LOOKED AT WAS ELIMINATING THE INCOME...
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| 01:03:26 |
Unidentified Speaker, -
I AGREE,
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| 01:03:30 |
Unidentified Speaker, -
WE HAVE THE SAME CONCERN OVER PEOPLE'S SECURITY. I GO BACK AND FORTH BETWEEN SEATTLE WHERE UNITED AIRLINES HAS ITS LARGEST BASE. MOST OF THE FLIGHT ATTENDANTS...
|
| 01:05:18 |
Unidentified Speaker, -
COMPANY FOR SOME EMPLOYE TO PUT THEIR MONEY INTO EMPLOYER STOCK. THAT IS NO LONGER PERMISSIBLE. YOU GUYS DID A GREAT JOB ON THAT. HOPEFULLY THAT WILL...
|
| 01:05:52 |
Unidentified Speaker, -
HOW IN THE WORLD CAN ANYBODY SIT UP HERE AND SENSIBLY BELIEVE THAT WE COULD DESIGN A SYSTEM THAT SAYS WE ARE GOING TO GIVE ALL OF YOUR CHOICE, BUT ONLY...
|
| 01:06:14 |
Unidentified Speaker, -
KEY IS STILL HAVING A SIX YEAR AND APPROPRIATE DEFAULT INVESTMENT. THERE ARE CHANGES MADE. I THINK THERE HAS BEEN A RECENT STUDY. >> DOES THAT MEAN THEY...
|
| 01:06:36 |
Unidentified Speaker, -
THEY WANT? >> THEY CHOOSE THE PROVIDER. THE TYPE OF INVESTMENT IS A
|
| 01:06:45 |
Unidentified Speaker, -
FIND. IT IS LIKE A TARGET DATE BY ENDDAY FUND. THERE IS AMPLE EVIDENCE THAT WHAT EVER YOU SAY IS WHERE MOST PEOPLE ARE GOING TO END UP PUTTING THEIR...
|
| 01:07:13 |
Unidentified Speaker, -
WHOM? WHO WOULD SAY THIS IS A SAFE INVESTMENT. >> YOU DEFINE THE PARAMETERS. >> THE TREASURY WILL ULTIMATELY PUT THE
|
| 01:07:25 |
Unidentified Speaker, -
BLESSING. THEY WILL BLESS THE COMPANY THAT WILL MAKE THESE
|
| 01:07:30 |
Unidentified Speaker, -
INVESTMENTS. >> IT WOULD BE THAT THE SPONSOR WOULD BE THE ONE THAT IS USING THEIR INVESTMENT ADVISER. THE INVESTMENT
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| 01:07:42 |
Unidentified Speaker, -
ADVISER WILL HAVE JUDICIARY RESPONSIBILITY FOR CHOOSING A COMPANY THAT PROVIDES THIS. >> WHO IS ON THE HOOK IF THEY MADE A BAD CHOICE?
|
| 01:08:00 |
Unidentified Speaker, -
ANY INVESTMENT COUNSELOR WOULD BE RESPONSIBLE FOR THIS TAX? >> IN THEORY, THERE ARE NOT MANY SITUATIONS
|
| 01:08:22 |
Unidentified Speaker, -
WHERE YOU HAVE A COMPANY THAT THE INVESTMENT HAS GONE DOWN TO ZERO. WHEN YOU HAVE RESPONSE OF PEOPLE -- RESPONSIBLE PEOPLE TOUSING INVESTMENT ADVISERS,...
|
| 01:08:49 |
Unidentified Speaker, -
|
| 01:08:52 |
Unidentified Speaker, -
THIS IS A VERY EQUAL IMPORTANT AREA OF RETIREMENT SECURITY. YOU NEED
|
| 01:09:17 |
Unidentified Speaker, -
TO LOOK AT HOW YOU CAN PROMOTE RESPONSIBILITY AND SAVINGS. WHATEVER WE DO, I CERTAINLY APPRECIATE THE ATTITUDE. CAN WE SIMPLIFY AND YET MAINTAIN FLEXIBILITY?...
|
| 01:10:49 |
Unidentified Speaker, -
IT ALLOWS INDIVIDUALS TO COMBINE WHEN THEY SWITCH JOBS ASSETS FROM ONE EMPLOYER TO THE NEXT. THIS WAS A MAJOR IMPROVEMENT IN REALLY MADE IT POSSIBLE...
|
| 01:11:41 |
Unidentified Speaker, -
AT THE OPTIONS THAT ARE AVAILABLE, IT THESE DAYS YOU ARE MORE LIKELY TO HAVE SOMEONE THAT COMES INTO YOUR PRACTICE THAT ALSO HAD A 401K PLAN. THERE IS...
|
| 01:12:54 |
Unidentified Speaker, -
I KEEP MEANING TO ROLL IT INTO THE PLAN. I HAVE YET TO DO THAT. WE HAVE SEEN PEOPLE WHO LOSE THEIR ACCOUNTS, ESPECIALLY OVER THE YEARS WHEN THE EMPLOYERS...
|
| 01:13:38 |
Unidentified Speaker, -
I THINK THIS IS SOMETHING THAT THE IRS AND TREASURY DEPARTMENT ARE CURRENTLY LOOKING
|
| 01:13:46 |
Unidentified Speaker, -
AT. IT HAS BEEN SOMETHING THAT POLICYMAKERS ARE REALLY LOOKING TO GIVE PEOPLE THAT ABILITY TO ADDRESS TO USE AN ANNUITY. I AM NOT SPEAKING FOR THE CURRENT...
|
| 01:14:38 |
Unidentified Speaker, -
FOR HOLDING THIS. I HAVE A QUESTION FOR YOU. THE
|
| 01:14:46 |
Unidentified Speaker, -
PRESIDENT'S 2013 BUDGET PROPOSAL INCLUDES A CAPPING INDIVIDUALS ITEMIZE DEDUCTIONS TO 28%. THE EXCLUSION UNDER THE PROPOSAL INCLUDES THE EXCLUSION DEDUCTION...
|
| 01:15:44 |
Unidentified Speaker, -
ENTIRERETIREMENT SAVINGS INCLUDED. IT WOULD MEAN DOUBLE TAXATION. THIS IS A DEFERRAL. IF YOU HAVE SOMEONE WHO IS AT ITS 31% MARGINAL RATES AND YOU ARE...
|
| 01:16:44 |
Unidentified Speaker, -
MANY INTERESTED PARTIES WORK CONCERNED ABOUT THE PROPOSAL. IT OFFERS A SAVINGS VEHICLE. THE 2005 BUDGET PROPOSAL ADDRESS SOME OF THOSE CONCERNS. CAN YOU...
|
| 01:17:31 |
Unidentified Speaker, -
AND RSA AMOUNT AT $7,500. WE REDUCED IT TO $5,000. SOME PEOPLE MIGHT SAY THAT I CAN PUT THEM 7500 MINELSAIN MY LSA AND RSA, AND I DON'T NEED ANY FURTHER...
|
| 01:19:30 |
Unidentified Speaker, -
ISSUE. I WORK WITH BILL THOMAS BEFORE HERE IS THE CHAIRMAN OF THIS COMMITTEE.
|
| 01:19:37 |
Unidentified Speaker, -
THIS IS NOT A FAVOR AT THE TIME. HE CARRIED THE RSA PROPOSAL. THE CLINTON PROPOSAL WAS AN ADDITION TO SOCIAL SECURITY. THE BUSH ONE WAS A SUBSTITUTE...
|
| 01:21:40 |
Unidentified Speaker, -
I ALSO ENJOYED WORKING WITH THEIR STAFF. SAVINGS CHANGES BEHAVIOR. IT TAKES PEOPLE AND IT BRINGS THEM CLOSER TO THE COMMUNITY. IT MAKES THEM MORE FUTURE...
|
| 01:22:55 |
Unidentified Speaker, -
IT REALLY INBUILD ON THE EMPLOYER STRUCTURE. YOU CANNOT DO THIS ABOUT HAVING AN EMPLOYER INVOLVED.
|
| 01:23:08 |
Unidentified Speaker, -
WE FEEL THAT ONCE EMPLOYERS ARE USED TO DOING THIS, THEY FEEL COMFORTABLE WITH THAT. IT'LL BE EASIER TO APPROACH THEM. ONCE THEY'RE IN THE SYSTEM THEY...
|
| 01:23:41 |
Unidentified Speaker, -
IT TO BE SO EASY AND SO LITTLE TROUBLE FOR THE EMPLOYER TO MAKE THIS WORK. >> WHY YOU LIKED THE PROPOSAL? >> WE NEED TO DO ALL WE CAN TO GET MORE
|
| 01:23:59 |
Unidentified Speaker, -
EMPLOYERS.
|
| 01:24:04 |
Unidentified Speaker, -
THIS OF BE A BIG STEP IN THIS DIRECTION. IT GIVES INCENTIVES TO EMPLOYERS TO DO THAT. IT IS ATTRACTIVE FOR EMPLOYERS TO GO IN THAT DIRECTION. IT IS SOMETHING...
|
| 01:24:39 |
Unidentified Speaker, -
OUR WITNESSES. WE HAVE 10,000 BABY BOOMERS RETIRING EVERY DAY.
|
| 01:24:44 |
Unidentified Speaker, -
A LOT OF THEM ARE VERY UPTIGHT ABOUT THEY ARE PLANNING ON RETIRING WITH ALL THE CONCEPTS THEY HAVE. NOW THEY'RE GETTING TO THE POINT THAT THEY CAN RETIRE....
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| 01:25:52 |
Unidentified Speaker, -
THERE ARE CATCH UP SITUATIONS. IT IS STILL VERY GOOD. IT IS REALLY IMPORTANT TO ENGAGE IN A NUMBER PEOPLE. WE NEED TO LOOK MORE AT THE DELIVERY OF THINGS....
|
| 01:26:57 |
Unidentified Speaker, -
IF YOU REACH FOR 6546 ECONOMY DO NOT HAVE THE FLEXIBILITY.
|
| 01:27:20 |
Unidentified Speaker, -
WE HAVE A SECOND CRISIS THAT IS COMING WITH THE BABY BOOMERS. THE FIRST, NOT HAVING ENOUGH MONEY. THE SECOND IS NOT MANAGING AN APPROPRIATELY. THEY ARE...
|
| 01:28:09 |
Unidentified Speaker, -
WHAT INCENTIVE CAN WE HELP A SMALL BUSINESSES IN TERMS TO MAKE SURE THAT AS MANY PROVIDE SOME TYPE OF RETIREMENT PACKAGE? >> I THINK MANY MEMBERS OF THIS...
|
| 01:28:34 |
Unidentified Speaker, -
BUSINESS. THEY ARE SENDING THAT SIGNAL. WE WILL HELP YOU WITH THAT. I THINK HE HAS THIS IN. OTHERS IN THE PAST HAVE SUPPORTED IT. THEY CAN EASILY BE...
|
| 01:29:12 |
Unidentified Speaker, -
ISBACK. >> YOU BOTH STATE THAT DESPITE WHAT SOME MAY CLAIM, STUDY SHOWS TAX INCENTIVES FOR SAVINGS AND
|
| 01:29:25 |
Unidentified Speaker, -
RETIREMENT ARE QUITE PROGRESSIVE. WHAT WOULD BE THE EFFECT ON PROGRESS IF YOU LOWER THE TOP MARGINAL RATE TO 25%? >> THAT IS A VERY COMPLICATED QUESTION....
|
| 01:29:50 |
Unidentified Speaker, -
IT IS A PACT THAT AS IT DECLINE, THERE IS LESS CONSENSUS FOR TAX DEFERRAL. YOU'RE SAVING LESS MONEY WHEN YOU CONTRIBUTE. THERE ARE OTHER COMPETING WAYS...
|
| 01:31:19 |
Unidentified Speaker, -
SUMMER, LOOKING MORE AT
|
| 01:31:23 |
Unidentified Speaker, -
THE SOME SYMBOLS TYPE COMMERCIAL. I THINK A LOT OF THIS COULD BE EXPANDED IF YOU ARE REDUCING THE MARGINAL ONES. YOU ARE CHANGING THE TALKS LATER OF...
|
| 01:32:19 |
Unidentified Speaker, -
WHAT WOULD BE THE OVERALL EFFECT ON RETIREMENT SAVINGS OF ADOPTING THE 2020 PROPOSAL? >> I AM NOT A MACRO ECONOMIST. I'M NOT REALLY MODELED IT. >>
|
| 01:32:42 |
Unidentified Speaker, -
WE HAVE A FIGURE THAT TAKES A LOOK AT WHAT WOULD HAPPEN. AS THE
|
| 01:32:58 |
Unidentified Speaker, -
BIGGEST HIT WOULD BE ON THIS. WE FOUND THAT PEOPLE IF IT WERE APPLIED TODAY WOULD HAVE ABOUT 815% REDUCTION ON AVERAGE ON THEIR RETIREMENT BALANCES....
|
| 01:34:10 |
Unidentified Speaker, -
THE SAFE HARBOR EXECUTIONS WOULD BE GONE. I THINK THAT REALLY UNDERSTANDS THE NEGATIVE IMPACT. >> THANK YOU. >> THANK YOU. >> THANK YOU FOR HOLDING THIS
|
| 01:34:25 |
Unidentified Speaker, -
HEARING. >>
|
| 01:34:27 |
Unidentified Speaker, -
|
| 01:34:31 |
Unidentified Speaker, -
THERE ARE FOLKS UP THERE THAT CAN BENEFIT FOR SOME GOOD WORK. I WANT TO FOLLOW UP ON A COUPLE
|
| 01:34:42 |
Unidentified Speaker, -
OF QUESTIONS THAT WERE ASKED BY OTHER MEMBERS. YOU MENTIONED THAT EMPLOYERS TO DO NOT OFFER ANY SORT OF AND CHAIRMAN PLAN SITE BUSINESS CONCERNS. KENNYDOES...
|
| 01:35:26 |
Unidentified Speaker, -
THE PLAN IS GONE. EMPLOYERS SAY THEY'RE PUTTING THIS IN. THERE ARE A FEW OF TOP LINE REASONS. THEY DO NOT THINK THE EMPLOYERS CARE. IF THEY SAY GIVE...
|
| 01:36:57 |
Unidentified Speaker, -
IS ANYTHING THERE THAT KNOCKED YOUR SOCKS OFF? >> THEY WERE BOTH GOOD AND BAD. IF THEY NIPPONESE ZEALAND, NEW ZEALAND'S HAS A FORM
|
| 01:37:14 |
Unidentified Speaker, -
OF THE IRA. THE ONLY HAVE THREE -- IF YOU LOOK AT NEW ZEALAND, A NEW ZEALAND HAS A FORM OF THE IRA PUREE TO THE ONLY HAVE THREE. THE ONE THAT IS A HUGE...
|
| 01:38:17 |
Unidentified Speaker, -
THEY START PEOPLE YOUNG AND KEEP THEM SAVING THEIR OUT. AUSTRALIA HAS A MANDATORY SYSTEM. IT WORKS EXCEEDINGLY WELL.
|
| 01:38:32 |
Unidentified Speaker, -
IT IS POSSIBLE TO DO A VERY SIMPLE SYSTEM LIKE THE IRA AND KEEP IT SHEET. WE STUDIED OVERSEAS SYSTEMS VERY EXTENSIVELY. >> THANK YOU FOR BEING HERE. >>...
|
| 01:39:00 |
Unidentified Speaker, -
OBVIOUSLY, IF THE GOAL IN THIS WHOLE THING IS HOW DO YOU MAKE IT SIMPLE AND EASY TO PICK THE
|
| 01:39:04 |
Unidentified Speaker, -
RIGHT PLAN. PART OF THE TESTIMONY YOU TALKED ABOUT SIMPLIFYING THINGS AND HAVING AN AUTOMATIC IRA. MY QUESTION TO YOU, AND A SIMPLIFICATION COME FIRST?...
|
| 01:39:52 |
Unidentified Speaker, -
IF YOU SIMPLIFY ITS ARE NOT? >> I HAVE ONE OUT OF THE BOX QUESTION. PEOPLE ARE GOING
|
| 01:40:03 |
Unidentified Speaker, -
THROUGH DIFFERENT JOBS. A LOT OF YOUNGER PEOPLE HAVE BEEN TO TWO OR THREE DIFFERENT EMPLOYERS. HERE IS WHAT THEY ARE OFFERING. HAS THERE BEEN ANYTHING...
|
| 01:40:58 |
Unidentified Speaker, -
THE EXPERTISE TO MAKE THAT KIND OF CHOICE. THIS IS THE VALUE OF THE EMPLOYER SPONSORED PLAN AND THE PAYROLL DEDUCTIONS. AS TIME GOES ON, A PROPORTION...
|
| 01:41:44 |
Unidentified Speaker, -
THEY ARE LOOKING AT THE TAX BENEFITS. THEY'RE ALSO LOOKING AT WHAT WORKS FOR THEIR COMPANY. IT IS FORGOTTEN WHEN TALKING ABOUT A SIMPLE PLAN. EMPLOYERS...
|
| 01:42:51 |
Unidentified Speaker, -
SENTIMENT, ONE OF THE ISSUES ICY IS THE NEED. WE TALK ABOUT EMPLOYERS AND THE GOVERNMENT. THEY ARE THE ONES TO CHOOSE THE INDIVIDUALS. THEY HAVE THIS...
|
| 01:43:57 |
Unidentified Speaker, -
PEOPLE AND HAVING THEIR OWN INDIVIDUAL INFORMATION SET UP ON THEIR IPAD ARE SETTING THEM UP. THEY'LL SEE WHAT IT IS REALLY GOING TO BE LIKE. THERE ARE...
|
| 01:44:41 |
Unidentified Speaker, -
THIS PAPER THAT IS DUE OUT FOR DISCLOSURE ON INVESTMENTS. IT IS GOING TO BE WHERE WE SUPPORT THE DISCLOSURE. PEOPLE ARE GOING TO BE GETTING A STACK OF...
|
| 01:46:02 |
Unidentified Speaker, -
WHICH COMBINES A RETIREMENT SAVINGS ACCOUNT. ONE OF THE THINGS THAT THEY FOUND THAT WORKS EXCEPTIONALLY WELL IS THAT BECAUSE THE EMPLOYER KNOWS HOW OLD...
|
| 01:47:05 |
Unidentified Speaker, -
FINEST HIGH SCHOOLS IN THE UNITED STATES IN MONTGOMERY COUNTY. SHE TOOK A
|
| 01:47:10 |
Unidentified Speaker, -
VARIETY OF COURSES IN PHOTOGRAPHY AND COOKING. SHE DID NOT HAVE TO TAKE A SINGLE FINANCIAL LITERACY COURSE. >> THAT IS A GREAT POINT. >> MR. LEWIS IS...
|
| 01:47:26 |
Unidentified Speaker, -
I WANT TO APOLOGIZE TO MEMBERS OF THE PANEL. I HAD TO
|
| 01:47:30 |
Unidentified Speaker, -
RUN OUT AND SPEAK TO A GROUP OF EIGHTH GRADE STUDENTS.
|
| 01:47:35 |
Unidentified Speaker, -
BAKE AT ME FOR A WHILE. I HEARD YOUR TESTIMONY. I WANT TO THANK YOU FOR BEING HERE. I THANK YOU FOR YOUR SERVICE. IT IS GOOD TO SEE YOU AGAIN. THANK YOU...
|
| 01:48:34 |
Unidentified Speaker, -
IT IS 250,000. I CANNOT HELP BUT THINK WE HAVE ALREADY CAPPED IT. WE ARE TESTING FOR NONDISCRIMINATION. SOMEONE MIGHT MAKE A MILLION DOLLARS BUT WHEN...
|
| 01:50:17 |
Unidentified Speaker, -
I HAD ALL MY HAIR. THIS IS BEFORE THE BANKS CLOSED. WHAT HAPPENED TO THAT. ? WHAT HAPPENED? >> THAT WAS ONE OF THE THINGS THAT WE PROPOSED DOING IN THE
|
| 01:50:41 |
Unidentified Speaker, -
BUSH ADMINISTRATION SIMPLIFICATION PROPOSAL. WE PUT INCOME LIMITS ON WHO COULD MAKE CONTRIBUTIONS TO THE IRAS. WHEN WE WERE SEEING THE LINES GOING IN...
|
| 01:51:50 |
Unidentified Speaker, -
|
| 01:51:52 |
Unidentified Speaker, -
THERE'S ONLY 30 SECONDS. >> THANK YOU. >>
|
| 01:51:59 |
Unidentified Speaker, -
THANK YOU.
|
| 01:52:04 |
Unidentified Speaker, -
WITH HAD A LOT OF THE DISCUSSIONS. I APPRECIATE THE TESTIMONY.
|
| 01:52:09 |
Unidentified Speaker, -
WE'RE NOT TALKED ABOUT THE STOCK OWNERSHIP PROGRAMS THAT ENABLE WORKERS TO ACCUMULATE SUBSTANTIAL AMOUNT OF RETIREMENT SAVINGS. THERE ARE STUDIES THAT...
|
| 01:53:14 |
Unidentified Speaker, -
BOUGHT THAT IT WAS PROBABLY FINE. WE DID NOT TRY TO MODIFY THEM AT ALL. A PERSONAL THOUGHTS ARE I DEALT WITH THESE OPTIONS. THEY PROVIDED VERY GOOD BENEFITS....
|
| 01:54:18 |
Unidentified Speaker, -
IMPORTANT TO MAINTAIN THEM. I AM NOT SURE YOU CAN SAY THEY ARE A MODEL.
|
| 01:54:25 |
Unidentified Speaker, -
IT DOES NOT ALWAYS FIT THE SITUATION. IT'S IT'S ALONGSIDE OTHER RETIREMENT PROGRAMS. >>-- IT SIT ALONGSIDE OTHER RETIREMENT PROGRAMS. >> THERE ARE RULES...
|
| 01:54:45 |
Unidentified Speaker, -
K PLANS TO MAKE SURE THEY CAN BENEFIT FROM THESE PLANTS. CAN YOU TALK ABOUT HOW
|
| 01:54:51 |
Unidentified Speaker, -
THESE RULES WORK? >> I CAN SPEAK TO THIS. MOST COMMONLY, IF YOU'RE DEALING WITH SMALL BUSINESSES, A PROBLEM THERE AT CAPT. HAS
|
| 01:55:09 |
Unidentified Speaker, -
SAID THOSE SEE SO AND SO ABOUT PUTTING THIS RETIREMENT PLAN. THEY'RE FINALLY MAKING SOME MONEY. I HAVE THIS $30,000 SITTING THERE. THEY CAN USE SOME OF...
|
| 01:56:29 |
Unidentified Speaker, -
I APOLOGIZE. I
|
| 01:56:31 |
Unidentified Speaker, -
BEEN IN THE BUDGET COMMITTEE DEFENDING THE INTERESTS OF THE
|
| 01:56:35 |
Unidentified Speaker, -
WAYS AND MEANS COMMITTEE. >> THANK YOU FOR THAT SERVICE. >> IT IS A PLEASURE. I AM SORRY THAT I WAS THE
|
| 01:56:44 |
Unidentified Speaker, -
ABLE TO BE MORE OF A PART.
|
| 01:56:46 |
Unidentified Speaker, -
IT STRIKES ME AS SOMETHING WHERE OUR TIME IS WELL SPENT. WITH ALL OF THE BEGGARIES, RETIREMENT SECURITY SEEMS TO ME TO ARRANGE A VERY LARGE. WE ARE LOOKING...
|
| 02:00:08 |
Unidentified Speaker, -
I WANT TO THANK YOU FOR YOUR TESTIMONY ON WHAT I THINK IS AN INCREDIBLY IMPORTANT ISSUE. I WANT TO HONE IN AND ASKS YOU YOU, FOLKS TELL ME THERE ARE INSTRUCTIONS...
|
| 02:01:11 |
Unidentified Speaker, -
HAD SINCE 2006 IS THE INCREASE ADOPTION OF AUTOMATIC ENROLLMENT AN ESCALATION. A NUMBER OF EMPLOYERS HAVE A PERCE AUTOMATIC ESCALATION. IT CURRENTLY HAS...
|
| 02:02:29 |
Unidentified Speaker, -
THAT A.C.A "C" IS A GOOD ENOUGH GREAT. IF YOU SET IT HIGHER, YOU DO MORE. THEY SEE THE BAR. THEY SAY THAT IS WHAT I'M SUPPOSED TO DO. >> AUTO ENROLLMENT...
|
| 02:02:58 |
Unidentified Speaker, -
IT IS TOO EASY TO TRIP UP. THEN WE GET HIT WITH PENALTIES. WE NEED TO TAKE A LOOK AT SOME ISSUES THAT WOULD MAKE IT EASIER FOR SMALL EMPLOYERS TO DO THIS...
|
| 02:04:49 |
Unidentified Speaker, -
BEEN STRUCK RIGHT NOW? >> THERE IS ROOM FOR IMPROVEMENT. >> GREAT. I WOULD APPRECIATE EACH OF THE
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| 02:05:02 |
Unidentified Speaker, -
PANELISTS IF YOU
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| 02:05:03 |
Unidentified Speaker, -
DESIRE TO FOLLOW UP ON THOSE SCORE, IDENTIFYING WHAT IT IS LESS HELPFUL TO EMPLOYERS AND EMPLOYEES. THANK YOU. >> I WANT TO THANK OUR PANELISTS FOR...
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| 02:05:21 |
Unidentified Speaker, -
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.