Private Retirement Investment
- Belonging to, or concerning,
an individual person, company, or interest; peculiar to one's self;
unconnected with others; personal; one's own; not public; not general;
- Not invested with, or engaged
in, public office or employment.
To withdraw from a public
station, or from business; as, having made a large fortune, he retired.
- To lay out (money or capital)
in business with the view of obtaining an income or profit.
- To expend (time, money, or
other resources) with a view to obtaining some benefit of value in excess of
that expended, or to achieve a useful purpose.
- To make an investment; as, to
invest in stocks.
- Ushering in an Ownership
- As Republicans, we
trust people to make decisions about how to spend, save, and invest
their own money. We want individuals to own and control their income. We
want people to have a tangible asset that they can build and rely on,
making their own choices and directing their own future.
- We want more people
to own personal retirement accounts.
- Tax Relief: Making it
Happen, Making it Permanent
- In 2001,
President Bush signed historic tax relief into law. This year, 43
million families with children are receiving an average tax cut of
over $2,000. The 2001 law:
and expanded IRAs and 401(k)s so workers can save more for their
- Increasing Saving
- More than half of all
Americans save and invest in private markets. We want even more
people to build assets that they own and can use to meet a variety
of needs over the course of their lives. In the past few years
President Bush and Congressional Republicans have passed into law a
variety of measures to improve, simplify, expand, and protect
retirement savings in IRAs, 401(k)s, and other retirement plans.
the amount you can save each year tax-free.
- Made it
easier to take your retirement plan from one job to the next.
women who take time off from work to start a family to catch up
on their missed retirement plan contributions.
more disclosure for employer sponsored retirement plans and
required that rules apply to both executives and rank-and-file
- We will build
upon it by promoting policies that encourage workers to save. We
support the President's proposal to create a new Lifetime Savings
Account (LSA) so workers can save for a variety of needs, to
consolidate the three types of current law IRAs into a single
Retirement Savings Account (RSA), and to consolidate numerous
employer-based retirement plans into a single Employer Retirement
Savings Account (ERSA).
- Strengthening Social
Security with Ownership
- Social Security
needs to be strengthened and enhanced for our children and
grandchildren. Republicans remain committed to the principles the
- Anyone now
receiving Social Security, or close to being eligible for it, is
guaranteed that their benefits will not be cut and their taxes
will not be raised. Social Security is a promise made by this
country to its citizens and Republicans will keep that promise.
- Key changes
to Social Security should merit bipartisan agreement so all
improvements are a win for the American people rather than a
political victory for any one party.
retirement accounts must be the cornerstone of strengthening and
enhancing Social Security. Each of today's workers should be
free to direct a portion of their payroll taxes to personal
investments for their retirement. It is crucial that individuals
be offered a variety of investment alternatives and that
detailed information be provided to each participant to help
them judge the risks and benefits of each plan.
- Young people
deserve to know their Social Security will in fact be there when
they retire, just as we have guaranteed it to their grandparents
and parents today. This new generation of American workers
deserves to have ownership of their future. They must have
- Assets in
personal accounts should belong to each individual. Every
American should have the opportunity to build a nest egg for the
future and pass along that money to their children or
grandchildren, who could use the funds to pay for college, buy a
home, start a small business, or begin saving for their own
- Choice is
the key. Any new options for retirement security should be
voluntary, so workers can choose to remain in the current system
or opt for something different.
- President Bush
has shown this leadership by proposing a bold alternative to the
collapse of Social Security. Along with Americans everywhere, we
pledge to join him in this endeavor of a lifetime.
ownership of voluntary personal retirement accounts for today's
workers will make Social Security more equitable, but, just as
importantly, will put the system on sure financial footing.
- President Bush
formed a bipartisan commission that recommended three models for
reform and many Republicans in Congress have exhibited leadership in
sponsoring six different bills. Non-partisan analysis of these
proposals shows that each strengthens Social Security and that each
shares a common characteristic: giving workers the option of
supplementing Social Security with personal retirement accounts that
they own. Our Party supports the efforts of President Bush and
Congressional Republicans to enact legislation during the next term.
- Building an Innovative,
Globally Competitive Economy
- Protecting the
Rights of Workers
- Men and women
who retire after decades spent in the workforce are entitled to the
pensions they and their employers have contributed to throughout
their careers. As part of the 2001 economic growth and tax relief
bill, workers' pension payments are now calculated on the basis of
their best three years of earnings rather than their last three.
This protects workers whose earnings decline with their age. In
addition, criminal prosecutions against employers and plan trustees
who abuse pension and health plans have increased by more than 50
percent since 2001. More than $3 billion has been secured through
court judgments, settlements, and fines covering 150 million workers
and their dependents by holding those who manage benefit plans
accountable for their legal obligations to protect plan
participants. Thanks to Republican efforts to enforce the law, the
word is getting out that benefits managers should invest and manage
employees' retirement funds as carefully as they would handle their
Administrative Policy Initiatives
Republican Sponsored Legislature
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