72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
 
                            Enrolled
 
                        House Memorial 6
 
Sponsored by Representative KNOPP; Representatives FARR, GARRARD,
  KRIEGER, KROPF, NELSON, G SMITH, T SMITH
 
 
To the members of the Oregon Congressional Delegation:
  We, your memorialists, the House of Representatives of the
State of Oregon, in legislative session assembled, respectfully
represent as follows:
  Whereas under tax relief legislation passed in 2001, the
pension and individual retirement arrangement provisions sunset
on December 31, 2010; and
  Whereas the tax deductible contribution limit to Individual
Retirement Accounts is scheduled to remain at an increased level
through December 31, 2010, therefore, if the pension and
individual retirement arrangement provisions sunset as planned in
the 2001 legislation, IRA funding limits will shrink by 60
percent in 2011; and
  Whereas people 50 years of age and older should be allowed to
continue to invest additional funds, in the form of 'catch-up '
contributions, in their retirement savings plans as a means of
safeguarding those future retirees against fluctuating markets;
and
  Whereas the average American changes jobs 10 times throughout
their lifetime, therefore retirement funds should be portable;
and
  Whereas the population of this country enjoys a longer, more
proactive life, including additional time spent in the workforce,
and minimum distribution rules should reflect the increase in
life expectancy and be adjusted accordingly; now, therefore,
 
Be It Resolved by the House of Representatives of the State of
  Oregon:
 
  (1) The Oregon Congressional Delegation is respectfully
requested to work to repeal the sunset provisions in the federal
Economic Growth and Tax Relief Reconciliation Act of 2001 that
increase tax deductible limits on contributions to pension and
individual retirement accounts.
  (2) A copy of this memorial shall be sent to each member of the
Oregon Congressional Delegation.
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                                  Adopted by House May 9, 2003
 
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                                      Chief Clerk of House
 
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                                        Speaker of House
 
 
 
 
Enrolled House Memorial 6 (HM 6-INTRO)                     Page 1