The bipartisan Tax Reform Working Group on Savings and Investment has submitted its report to Chairman Hatch and Ranking Member Wyden of the Senate Finance Committee. The report provides the Finance Committee with policy options and recommendations to consider as part of comprehensive tax reform.

The Savings and Investment Working Group is one of five bipartisan working groups the Finance Committee formed in January.  In addition to savings and investment, the working groups were asked to focus on individual income tax, business income tax, international tax, and community development and infrastructure.  Each group worked directly with the nonpartisan Joint Committee on Taxation to produce an in-depth analysis of options and potential legislative solutions within its assigned area. The reports of the five working groups are intended to serve as a foundation for the development of bipartisan tax reform legislation.

Although the Savings and Investment Working Group had jurisdiction over the tax treatment of capital gains and dividends, financial products, defined benefit pension plans, and private retirement savings accounts, the group determined that it should focus on private retirement savings.  The working group identified three key goals for policy makers to pursue: (1) increasing access to tax-deferred retirement savings, (2) increasing participation and levels of savings, and (3) discouraging leakage while promoting lifetime income. The working group identified a number of options for legislation in each area, including proposals to expand the saver’s tax credit, extend minimum participation and vesting rules to long-term part-time employees, and enhance lifetime income options in defined contribution plans.

Copies of the reports submitted by the Savings and Investment Working Group and the other four bipartisan tax working groups are available here.

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Photo of Amy N. Moore Amy N. Moore

Amy Moore advises public and private companies and tax exempt organizations on a wide range of tax, ERISA, and employment law issues concerning all types of benefit programs.  Ms. Moore counsels some of the world’s largest multinational companies on the design and implementation…

Amy Moore advises public and private companies and tax exempt organizations on a wide range of tax, ERISA, and employment law issues concerning all types of benefit programs.  Ms. Moore counsels some of the world’s largest multinational companies on the design and implementation of innovative benefit strategies, including the restructuring of retirement programs to meet the needs of the modern work force; the use of surplus pension and insurance assets to provide non-traditional benefits; and the establishment of funding and security arrangements for welfare plans and executive compensation.  She represents clients in connection with pension fund investments in private equity funds, hedge funds, group trusts, and derivatives.  She also advises on benefits and compensation issues in acquisitions and divestitures, debt finance, joint ventures, and other corporate transactions.  Ms. Moore represents companies in audits and contested agency proceedings involving benefit plans and advises clients on employee benefits issues that arise in connection with ERISA litigation and settlements.  She also counsels employers on issues of plan administration and the correction of operational problems under government-sponsored remedial programs.