South Carolina General Assembly
115th Session, 2003-2004

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 924

STATUS INFORMATION

Concurrent Resolution
Sponsors: Senator Hawkins
Document Path: l:\council\bills\dka\3725dw04.doc
Companion/Similar bill(s): 4495

Introduced in the Senate on February 5, 2004
Introduced in the House on March 9, 2004
Adopted by the General Assembly on May 13, 2004

Summary: Lifetime and retirement savings accounts

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/5/2004  Senate  Introduced SJ-5
    2/5/2004  Senate  Referred to Committee on General SJ-5
   2/26/2004  Senate  Committee report: Favorable General SJ-19
    3/1/2004          Scrivener's error corrected
    3/4/2004  Senate  Adopted, sent to House SJ-16
    3/9/2004  House   Introduced HJ-11
    3/9/2004  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-11
   5/12/2004  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-29
   5/13/2004  House   Adopted, returned to Senate with concurrence HJ-30

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/5/2004
2/26/2004
3/1/2004
5/12/2004

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

May 12, 2004

S. 924

Introduced by Senator Hawkins

S. Printed 5/12/04--H.

Read the first time March 9, 2004.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (S. 924) to request that the congressional delegation of the state of South Carolina work to pass lifetime and retirement, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

            

A CONCURRENT RESOLUTION

TO REQUEST THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF SOUTH CAROLINA WORK TO PASS LIFETIME AND RETIREMENT SAVINGS ACCOUNTS.

Whereas, personal savings of working Americans continue to decline and are now at dangerously low levels; and

Whereas, personal savings of working Americans is not enough to pay for current catastrophic expenses or supplement the modest benefits derived from Social Security; and

Whereas, savings provides the financing of new capital investment and job creation, which in turn, increases the standard of living for all Americans; and

Whereas, double taxation of savings and complexity of current savings incentives are so complex, many working Americans are not participating; and

Whereas, enactment of Lifetime Savings Accounts will allow Americans to contribute up to $7,500 a year and make penalty-free withdrawals at any time for any purpose; and

Whereas, enactment of Retirement Savings Accounts will allow Americans to contribute up to $7,500 a year and make penalty-free withdrawals after age 58; and

Whereas, enactment of Lifetime and Retirement Savings Accounts will eliminate the double taxation of savings and simplify existing savings programs to increase participation; and

Whereas, eliminating the double taxation of savings and simplifying current incentives will boost savings for all Americans and enhance the economic security of working families. Now, therefore,

Be it resolved by the Senate, the House of Representatives concurring:

That the members of the South Carolina General Assembly request that our elected representatives and senators in the United States Congress support and vote to enact Lifetime and Retirement Savings Accounts.

Be it further resolved that a copy of this resolution be forwarded to the South Carolina Congressional Delegation.

----XX----

This web page was last updated on Monday, December 7, 2009 at 10:20 A.M.