Congressman Lloyd Doggett (D-TX) is pushing a proposal that threatens major changes to small business retirement plans and endangers workers’ retirement benefits. As a small employer who sponsors a retirement plan, this proposal could have a significant impact on your business.
We encourage you to send the letter below to your members of Congress. Please ask your Congressperson to reach out to Acting Chairman Sander M. Levin (D-MI) or Ranking Member Dave Camp (R-MI) and ask them to oppose the Doggett proposal. Input from you, the members’ constituents, will make a difference. You can contact your Representative by looking them up at
http://www.contactingthecongress.org/
I sponsor a retirement plan that would be impacted by Congressman Lloyd Doggett’s (D-TX) proposed Retirement Fairness Act, H.R. 4126, that threatens major changes to small business retirement plans and endangers workers’ retirement benefits.
Specifically, Retirement Fairness Act would change the rules for small businesses like mine that maintain retirement plans. Under existing regulations, 70% of the employees must receive pension or 401k benefits to pass the discrimination testing. Employees who do not work at least 1,000 hours during the year or 20 hours per week are excluded from the discrimination tests. Under the Retirement Fairness Act, part-time employee would now have to be included in the discrimination testing. If the plan failed the discrimination testing, part-time employees would be required to get pension and 401k benefits.
Providing retirement benefits to my employees is a priority of our firm, but in these uncertain economic times, I am concerned about the impact H.R. 4126 could have on our retirement plan. I don’t want to cut back on retirement benefits, but given the expense of complying with a new set of rules, I would have to consider terminating our retirement plan.
Please contact Acting Chairman Sander M. Levin (D-MI) or Ranking Member Dave Camp (R-MI) and ask them to oppose the Retirement Fairness Act H.R. 4126. Simply put, this proposal is a retirement plan killer that would result in millions of Americans losing valuable retirement benefits.
Sincerely
(Your Name)
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