IRI President and CEO Cathy Weatherford sent the following letter to Senate leaders in opposition to provisions in the Highway Investment, Job Creation and Economic Growth Act related to Individual Retirement Accounts (IRAs).

Dear Majority Leader Reid and Minority Leader McConnell:

The Insured Retirement Institute ("IRI") opposes the provisions in the Highway Investment, Job Creation and Economic Growth Act related to Individual Retirement Accounts (IRAs).

While our members agree that the infrastructure initiatives contained in the legislation are important to the long-term growth and security of our nation, we do not believe that these efforts should come at the expense of Americans' retirement savings. Today's workers face unprecedented retirement income challenges-challenges that simply did not exist in earlier generations. The shift from defined benefit to defined contribution plans, longer life spans, and the rising costs of healthcare are among the challenges that will put more of the burdens on saving for retirement on the shoulders of American workers. We believe these important issues should only be addressed after more extensive study and debate.

While IRI applauds the efforts of the United States Congress, a highway bill is the wrong vehicle for such a significant tax increase on retirement savings. We request that you oppose inclusion of these provisions in the final bill. Thank you for your consideration of this matter.

Sincerely,

Catherine Weatherford
President & CEO
Insured Retirement Institute