Retirement Savings Opportunity Act of 1999

[Guest richa65]

This Bill was introduced on March 16, 1999 by Senator Roth.

Highlights:

* Increases annual IRA contribution limit from 2k to 5k.

* Eliminates income limits on IRA contributions.

* Raises the income limit for converting traditional IRAs to Roth from

100k to $1M.

* Increases the annual limit on 401(k) contributions from 10k to 15k.

* Establishes a new "Roth" 401(k) plan which allows you to contribute after-

tax dollars to your 401(k). Withdrawals at retirement will (should) be tax-free.

I urge everyone to write their US Senators and request their support on this. It is a beautiful piece of legislation.

To get the email addresses of your Senators, go to this site and enter your zip code:

http://www.congress.org/search.html

Additional information on the bill:

http://thomas.loc.gov/cgi-bin/bdquery/z?d106:s.00646:

Here is a sample letter for reference.

-Richard

================================

Dear Senator .......,

I am writing to encourage you to support Senate Bill S.646 to "amend the Internal Revenue Code of 1986 to provide increased retirement savings opportunities". This bill was introduced by Senator Roth on March 16, 1999.

I'm sure you are aware that the IRA contribution limit has not been raised

from it's present level of $2000 in nearly 20 years. Senator Roth's bill

will adjust the limit to account for cost of living increases. Additionally, this bill eliminates the ridiculous income limits on Roth IRA contributions as well as increasing the income limits for converting traditional IRAs to Roth IRAs. The limits currently in place are creating tremendous headaches for your middle-income constituents.

I hope that you will lend your full support to S.646.

Regards,

.........