29 January 2010

Preview: Middle Class Task Force Recommendations

Middle Class Task Force Recommendations Emerge
The White House Middle Class Task Force, led by Vice President
Joe Biden, has released a preview of its recommendations for
strengthening the middle class. The president's budget will be
made public on Monday, February 1.

The recommendations include a few core items for seniors, such
as expanded funding for care giving, respite care, promoting
401(k) transparency, and the availability of annuities. The
respite care and expanded funding for the Department of Health
and Human Services would help seniors maintain their independence
and live in the community for as long as possible, as well as
assist their family caregivers with essential elder-care

The Task Force will advocate automatic workplace IRAs with an
opt-out option; a saver's credit that would match workers'
retirement savings; an update of 401(k) regulations in order to
ensure transparency; and increased availability of optional
annuities as well as other forms of guaranteed lifetime income.

The Alliance for Retired Americans is also urging the White House
to include a $250 stimulus payment to Social Security recipients
since there is no Cost of Living Adjustment in 2010.

"Americans have seen their retirement savings plummet. It is
important that the government renew their commitment to
all citizens," said Ruben Burks, Secretary-Treasurer of the
Alliance for Retired Americans.

Next month, the committee will deliver its year-end report to the
President, and it is expected that Congress will be pressed to
create legislation supporting the Task Force's suggestions.


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