|
|
Article: House OKs increases in retirement accounts.
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- July 20, 2000
- Author:
CopyrightCOPYRIGHT 2000 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The House yesterday ignored White House opposition and overwhelmingly approved a bill increasing the amount workers may contribute to tax-free retirement accounts and making it easier for small businesses to set up pension programs.
"If there is a cloud on the horizon, it is the lack of personal savings, retirement savings. . . . We as a people borrow more than we save," said House Ways and Means Committee Chairman Bill Archer, Texas Republican. "We should encourage people to save more."
The bill makes some dramatic changes in the laws on retirement savings. Most importantly, it:
* Simplifies rules for small businesses that want to offer ...