I believe that Congress should make it easier - not harder - for people to save for retirement. That's why I introduced legislation in the 106th Congress (H.R. 802), which would encourage private savings for retirement by increasing the amount that an eligible taxpayer can contribute to a tax-deductible Individual Retirement Account from $2,000 annually to $5,000 annually. I reintroduced this legislation in the 107th Congress (H.R. 1026), with added provisions to index future increases in the deductible limit to inflation and to provide for so-called catch-up contributions for individuals over 50.

Congressional leaders and the President agreed with my proposal and on June 7, 2001, H.R. 1836, the Tax Relief Reconciliation Act of 2001 was enacted into law. This bill contained provisions of my bill to allow individuals to contribute more to their retirement savings and phased in increases in the deductible contribution limits for IRAs and other qualified pension plans.

Increasing the amount that eligible workers may contribute as a tax-deferred contribution will encourage increased savings by individuals most in need of tax-relief - middle income and working families.

In addition, I believe that we must continue to make progress in helping American families save, which is why I am a cosponsor of the Savings for Working Families Act. This important legislation would provide a tax credit to financial institutions that match the savings of working families through Individual Development Accounts (IDA). The individual savings in IDAs would be matched on a one-to-one basis, up to $500 per person per year for four years.

In our changing economy the threat of employee layoffs and factory closings in many industries makes protection of workers’ pensions one of my principal concerns.

The Pension Protection Act, H.R. 4, signed into law on August 17, 2006, improves "shutdown benefits," which are payments made to long-service employees when a plant is shut down, and improves the financial standing of the Pension Benefit Guaranty Corporation, which oversees the defined benefits pension plans of over 40 million workers and retirees. Although the agency’s fiscal year [FY] 2005 deficit amounted to $22.8 billion in the pension insurance program, this act puts the PBGC back on the path to financial health and helps to avoid a taxpayer bailout of the agency.

Additionally, I am supportive of the provisions in this act that seek to increase savings in our country, including those that would make permanent several retirement savings such as the increases in IRA and 401(k) contribution limits with their full adjustments for inflation.