EMBARGOED FOR RELEASE

UNTIL 10:30 a.m.

WEDNESDAY, JULY 19, 2000

WASHINGTON, DC -- At a press conference on Capitol Hill today with the Senate

Finance Committee Chairman William Roth, Representatives Bill Thomas, Rob Portman, Ben

Cardin, Elton Gallegly, Dennis Moore, Albert Wynn, Heather Wilson, John Tanner, and Jerry

Weller, the Savings Coalition of America released the results of its most recent poll on the

popularity of increasing the annual contribution limits on Individual Retirement Accounts (IRAs)

from $2,000 to $5,000. According to the bipartisan poll conducted by Lake, Snell, Perry and

Associates and The Tarrance Group between June 8-12, 2000, nearly 9 out of 10 Americans (88

percent) favor a proposal that would raise the IRA contribution limit from $2,000 to $5,000. This

support transcends party lines with 92 percent support among Republicans, 90 percent among

Independents and 85 percent among Democrats.

The poll also indicates that Americans representing all income levels feel this proposal

would be helpful – 66 percent for those who make over $50,000, 64 percent for those who make

$25,000 - $50,000 and 60 percent for those who earn less than $25,000. In addition, 71 percent

of African Americans think this will be helpful. "Americans across all demographic groups

strongly support increasing the annual IRA contribution limits to $5,000 so they can save for their

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retirements," said Kathy Hamor, Executive Director of the Savings Coalition. "H.R. 1102, the

Comprehensive Retirement Security and Pension Reform Act, provides Americans with

opportunities to have more financially secure retirements and members of the Savings Coalition

of America urge Congress and the White House to pass this popular legislation."

The IRA contribution limit has not been increased in nearly 20 years. This week the

House of Representatives will be voting on H.R. 1102, the Comprehensive Retirement Security

and Pension Reform Act, that, if passed and signed into law, would raise the contribution limit for

IRAs to $5,000 for Americans over age 50 in 2001 and would gradually increase the limit for all

other Americans to $5,000 by 2003.

The Savings Coalition of America is comprised of approximately 75 member

organizations representing millions of American savers. Its membership includes

representatives from a wide variety of interests including consumer, health care,

education and business groups, engineers, home-builders, realtors, trust companies,

banks, securities firms, tangible assets, insurance, and financial services companies. The Savings

Coalition of America was established in 1991 to encourage passage of legislation to increase

personal savings in America.

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For additional information contact: Kathy Hamor at the Savings Coalition of America,

(202) 682-4736