Capitol Hill Update

SHRM Submits Comments to the Senate Finance Committee Savings and Investment Working Group

May 8, 2015
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The SHRM-led Coalition to Protect Retirement (CPR) provided written comments to the Senate Finance Committee’s Savings and Investment Working Group on April 15. The comments detailed the current successes of the employer-provided retirement system, including the value of benefits received by retirees, and stressed the necessity of preserving the current tax treatment of retirement plans, including contribution levels to such plans.

Under the direction of Senate Finance Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.), five bipartisan tax reform working groups were established to examine key areas of the tax code where there was a possibility for bipartisan consensus. Chairman Hatch and Ranking Member Wyden (pictured right to left, respectively) announced that more than 1,400 submissions (including 128 to the Savings and Investment Working Group) were received by the working groups. In addition to submitting comments, SHRM met with the leadership of the Savings and Investment Working Group to further convey the employer perspective on the importance of maintaining the current tax treatment of retirement offerings and to reiterate how even small changes to the current system could have significant unintended consequences.

Several key players, including Chairman Hatch, have indicated that comprehensive tax reform will not take place during the 114th Congress but will be a key area of focus after the 2016 elections. SHRM has been heavily engaged in advocating on the issue of retirement security as it relates to tax reform. As the leader of the CPR, and as an advocate on behalf of the HR profession, SHRM’s policy goal has been to preserve the current tax treatment of employer-provided retirement plans. In preparation for possible action on the issue of tax reform, SHRM has been working with members of various committees of jurisdictions in both chambers of Congress. These lobbying efforts have been focused on informing members of concerns with past proposals and discussing suggested improvements to the current system.

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