June 16, 2016
Dear Chairman Hatch and Ranking Member Wyden,
We are writing on behalf of the Coalition to Protect Retirement (CPR) an organization that is composed of leading trade associations that represent employers, retirement plan sponsors, administrators, service providers, and related financial institutions. The Coalition’s mission is to encourage and support the private, employer-based voluntary retirement savings system and the tax incentives that are critical to the sponsors of workplace retirement plans.
We support the Finance Committee’s thoughtful examination of the tax code and consideration of retirement savings incentives at the hearing on May 17th titled “Integrating Corporate and Individual Tax Systems: The Dividends Paid Deduction Considered.” In connection with the hearing, we concur with the testimony delivered by Judy A. Miller, on behalf of the American Retirement Association, regarding the potential impact of corporate integration on retirement plans.
Carefully structured tax incentives play a crucial role in encouraging employers to establish retirement plans and in enticing employees to participate. Retirement savings plans are extremely popular with the American people and have proven to be remarkably successful tools for preparing individuals for their post-employment years. Retirement tax incentives make these plans practicable for plan sponsors of all sizes. Disrupting these tax incentives could seriously harm retirement plan formation and individual savings.
Again, thank you for your comments in support of retirement savings during the hearing on May 17th, 2016 on corporate integration. We look forward to working with you and with the Members of the Committee as you craft legislation and hope you will call on the Coalition to Protect Retirement for input as you move forward.
We kindly ask that you include a copy of this letter in the hearing record.
The Coalition to Protect Retirement
Coalition to Protect Retirement Members:
American Benefits Council
American Council of Life Insurers
American Retirement Association
The ERISA Industry Committee
The ESOP Association
Insured Retirement Institute
Investment Company Institute
Plan Sponsor Council of America
Securities Industry and Financial Markets Association
Society for Human Resource Management