46th legislature - STATE OF NEW MEXICO - first session, 2003

REQUESTING THAT THE NEW MEXICO CONGRESSIONAL DELEGATION SUPPORT MAKING PERMANENT THE PENSION AND INDIVIDUAL RETIREMENT ACCOUNT PROVISIONS SET TO EXPIRE IN 2010.

WHEREAS, the tax-deductible contribution limit to individual retirement accounts will increase through 2010 under federal tax relief legislation enacted in 2001; and

WHEREAS, when the increased contribution limit expires, the contribution limit will shrink by sixty percent; and

WHEREAS, people age fifty years and older should be allowed to continue to invest additional funds into their retirement savings plans as a safeguard against fluctuating markets; and

WHEREAS, retirement funds should be portable since the average worker changes jobs ten times; and

WHEREAS, since people of this country enjoy longer, more proactive lives that include more time working, minimum distribution rules should reflect the increase in life expectancy and be adjusted accordingly;

NOW, THEREFORE, BE IT RESOLVED BY LEGISLATURE OF THE STATE OF NEW MEXICO that the members of the New Mexico congressional delegation be requested to support making the pension and individual retirement account provisions enacted in 2001 permanent; and

BE IT FURTHER RESOLVED that copies of this memorial be delivered to the members of the New Mexico congressional delegation.