African-American
community leaders address retirement income needs of minorities…The
National Caucus and Center on Black Aged joins the Americans for
Secure Retirement Coalition
WASHINGTON, Oct. 19 /PRNewswire/
-- The National Caucus and Center on Black Aged (NCBA) has joined
forces with Americans for Secure Retirement in an effort to promote
policies to help all Americans maintain a steady income in
retirement, especially at-risk groups such as minorities. The NCBA
will become the coalition's 38th member in its mission to provide
Americans with retirement planning options that guarantee a steady
paycheck for life.
"The retirement needs of African
Americans are not adequately met by current retirement policy," said
Ms. Karyne Jones, President of The National Caucus and Center on
Black Aged. "Only 45 percent of all African-American workers
participated in employment-based retirement systems in 2002, as
compared to 53 percent of Caucasian workers. This gap in retirement
preparedness must be addressed by policy makers."
The National Caucus and Center on
Black Aged (NCBA) works to eliminate obstacles to fairness and equal
access for low-income African-American and minority senior citizens.
Jones is regarded as very knowledgeable on retirement policy issues;
she testified in front of the Senate Special Committee on Aging in
March 2005 on the increased challenges that women face in
retirement.
NCBA joins 37 other members of
Americans for Secure Retirement in supporting passage of the
Retirement Security for Life Act (H.R. 819/S. 381). This legislation
would provide a tax incentive available to any retiree to encourage
investment of some of their individual after-tax savings in
retirement vehicles like annuities that provide a guaranteed
lifetime income. Under the proposal, individuals would not pay
federal taxes on one-half of the income (up to a maximum of $20,000
annually) generated by annuities that make lifetime payments. For a
typical American in the 25% tax bracket, this would provide an
annual tax savings of up to $5,000.
The Retirement Security for Life
Act is being led by a bipartisan group of sponsors in Congress,
including Reps Nancy Johnson (R-CT), John Tanner (D-TN), Phil
English (R-PA) and Stephanie Tubbs Jones (D-OH) in the House of
Representatives and Senators Gordon Smith (R-OR), Kent Conrad
(D-ND), Olympia Snowe (R-ME) and Hillary Rodham Clinton (D-NY) in
the Senate. The list of congressional supporters is growing daily
with 78 cosponsors in the House, including a majority of the Ways
and Means Committee Members, and 8 cosponsors in the Senate.
Other Members of the Americans for
Secure Retirement coalition include: American Agriculture Movement,
American Agri-Women, American Corn Growers Association, American
Council of Life Insurers, American Homeowners Grassroots Alliance,
American Small Business Coalition, Association of Advanced Life
Underwriters, Black Women Enterprises, Business and Professional
Women/USA, Citizens Against Government Waste, Committee of Annuity
Insurers, Federation of Southern Cooperatives, Financial Services
Roundtable, Hispanic Business Roundtable, Hispanics Impacting Public
Policy, Intertribal Agriculture Council, The Latino Coalition,
National Association of Female Executives, National Association for
Variable Annuities, National Association of Farmer Elected
Committees, National Association of Hispanic and Latino Farmers &
Ranchers, National Association of Independent Life Brokerage
Agencies, National Association of Insurance and Financial Advisors,
National Association of Small Disadvantaged Businesses, National
Community Pharmacists Association, National Consumers League,
National Taxpayers Union, Oklahoma Farmers Union, Soybean Producers
of America, Small Business and Entrepreneurship Council, U.S.
Chamber of Commerce, Women Entrepreneurs, Inc., Women Impacting
Public Policy, Women in Need, Women's Institute for a Secure
Retirement, Women Involved in Farm Economics and Women Presidents'
Organization.