Congressman Robert Portman (R-OH)
The Portman-Cardin Bill
The Comprehensive Retirement Security and Pension Reform Act of 2001, sponsored by Congressmen Rob Portman (R-OH) and Ben Cardin (D-MD), is designed to allow workers to save more for retirement, to provide small business relief in order to expand retirement plan coverage, make pensions more secure, and to simplify pension administration and rules. Key provisions would increase IRA contributions from $2000 to $5000, increase contribution limits for retirement plans $15000, let workers 50 and older save even more for retirement, simplify “top-heavy” rules, increase pension portability, and require additional disclosure when future pension benefits are reduced. Most of the Comprehensive Retirement Security and Pension Reform Act was enacted into law as of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 (H.R. 1836).
Summary of the Portman-Cardin Pension Preservation and Savings Act of 2003 (H.R. 1776).
