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Roth's Retirement Bill Proposes Expanded Savings Options. The Retirement Savings Opportunity Act of 1999 has been widely anticipated since January, when Sen. William V. Roth (R-Delaware), head of the Senate Finance Committee, outlined his ideas for expanding retirement savings options. The bill, if approved, would create a "Roth 401(k)" that would permit after-tax contributions that could be withdrawn tax free for retirement. It would also raise annual contribution limits to conventional 401(k)s and IRAs (including Roth IRAs-to $5,000), set still higher 401(k) and IRA contribution limits for workers who are at least 50 years old, and eliminate all income limits for Roth IRA contributions. The bills are: S.649.IS and S.646.IS. Write to your senator, the white house, and/or represenatives supporting this hugely important piece of legislation. For names and addresses on the WWW: www.senate.gov, www.whitehouse.gov, and www.house.gov. For a copy of the bills, go to the senate website and search using "The Retirement Savings Opportunity Act of 1999".
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