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September 11, 1998

TO: Retirement CEOs/Administrators

FROM: Cindie Moore, NCTR Washington Counsel

RE: Possible Action on Pension Legislation

As you may have read in the news, Congressman Bill Archer, House Ways and Means Committee Chairman, is preparing a tax cut bill. The bill will likely include relief from the marriage tax penalty, acceleration of 100% deductibility of health insurance premiums for the self-employed, repeal or rollback of taxes on Social Security benefits, and some sort of agricultural tax legislation.

Also for possible inclusion are provisions from HR 3788, the Retirement Security for the 21st Century Act, by Congressmen Rob Portman (R-OH) and Ben Cardin (D-MD). As you recall, the bill includes two pension portability provisions supported by NCTR: rollovers among various type of retirement plans, including 403(b) and 457 accounts, and service credit purchases with money from 457 or 403(b) accounts.

We will know early next week what is in the bill and will alert you then. If you have a Ways and Means Committee member in your state, feel free to contact them to urge them to support the inclusion of the text of HR 3788 in the tax cut bill.

The Senate is also interested in a tax cut bill, but has not gotten beyond the discussion stage.

Thanks so much for your help. Please call if you have any questions.