Expressing the sense of the Congress that our current tax incentives for retirement savings provide important benefits to Americans to help plan for a financially secure retirement.

Expressing the sense of the Congress that our current tax incentives for retirement savings provide important benefits to Americans to help plan for a financially secure retirement. Whereas private retirement plans in the United States paid out over $3,824,000,000,000 in benefits from 2000 through 2009, while public sector retirement plans paid out $2,651,000,000,000 during the same period, with both playing an essential role in providing retirement income for millions of our Nationâ€™s senior citizens; Whereas there are approximately 670,000 private-sector defined contribution plans that are currently covering 67,000,000 participants, and over 48,000 private-sector defined benefit plans covering 44,000,000 participants; Whereas $4,700,000,000,000 is held in 401(k), 403(b), 457 and similar defined contribution plans, $2,300,000,000,000 is held in private defined benefit plans, and another $4,900,000,000,000 is held in Individual Retirement Accounts, largely consisting of funds rolled over from employer-based retirement plans; Whereas from 2000 through 2009, employers have contributed almost $3,500,000,000,000 to public and private retirement plans; Whereas tax incentives are an important impetus for individuals to save for retirement and for employers to offer plans under our voluntary system; Whereas generally, the taxation of amounts contributed to pension and retirement plans is simply deferred, not lost; Whereas more than 70 percent of American workers making between $30,000 and $50,000 a year contribute to their own retirement when covered by a retirement plan at work; Whereas under current law, if business owners and managers sponsor a retirement plan, they also must cover and provide benefits to lower-income and middle-income employees; Whereas 401(k) and similar defined contribution plans have been enhanced over the years by Congress on a bipartisan basis; Whereas the private retirement system in the United States is voluntary and is dependent on the willingness of business owners and corporations to adopt and maintain retirement plans; and Whereas the United States system of employer-based retirement savings is designed to work together with other personal savings and the Social Security program to provide meaningful income replacement upon retirement: Now, therefore, be it That it is the sense of the Congress thatâ€” (1) tax incentives for retirement savings play an important role in encouraging employers to sponsor and maintain retirement plans and encouraging participants to contribute to such plans; (2) existing tax incentives have increased the number of Americans who are covered by a retirement plan; and (3) a reformed and simplified Federal tax code should include properly structured tax incentives to maintain and contribute to such plans and to strengthen retirement security for all Americans.

Summary: Expresses the sense of Congress that: (1) tax incentives for retirement savings plans&amp;amp;amp;amp;amp;amp;nbsp;play an important role in encouraging employers and employees to participate in such plans, (2) existing incentives have increased the number of Americans covered by a retirement plan, and (3) a reformed and simplified federal tax code should include incentives to maintain and contribute to such plans and to strengthen retirement security for all Americans.