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Employee Benefits Bulletin, June 2002

CONGRESSIONAL UPDATE

EMPLOYEE BENEFITS LEGISLATION WATCH

On June 21st the House voted 308-70 to make the retirement provisions (known as Title VI) of EGTRRA permanent. The House Bill (HR 4931) is called the Retirement Savings Security Bill.

The entire piece of EGTRRA legislation (which also includes federal income tax breaks and the estate tax repeal) has a "sunset provision" that provides that the tax law will expire in 2010 and revert to 2001 tax law unless extended by Congress. Congress is voting on extensions for portions of the tax law on a section-by-section basis. The employee benefits section must now also pass the Senate.

For more information on the employee benefits changes that EGTRRA made, please e-mail Valerie Cook for a copy of the LSRS EGTRRA memo from June of 2001.

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