ERSA/RSA/LSA/IDA Information Center In 2003 the Bush administration proposed replacing 401(k)-style retirement accounts including small-business SIMPLE and SARSEP plans, 403(b) plans for nonprofit workers, and 457(b) programs for government employees, as well as corporate 401(k) plans with a new Employer Retirement Savings Account (ERSA). Also proposed were plans to replace the Roth IRA with a Retirement Savings Account (RSA), and the creation of a new savings plan to be known as the Lifetime Savings Account (LSA). These plans failed to become law in 2003. On February 2, 2004, the Bush Administration reintroduced ERSA, RSA and LSA, along with a new Individual Development Account. Below is the latest information on these proposals.     February 2004 ERSA 2.0 and the 403(b) 2/9/04 — Latest reincarnation of ERSA may not be a panacea for 403(b) participants. [403(b)wise] Key Thoughts on RSAs and LSAs 2/4/04 — Excerpt: there is unlikely to be much effect on private saving, but national saving could fall if higher deficits result. [Urban Institute] Opinion: Bush Proposals Would Frustrate Long-Term Savers 2/3/04 — New proposals will add several new layers of complexity and frustration for every taxpayer. [John Wasik] ASPA Weighs in on Savings Plans 2/3/04 — The American Society of Pension Actuaries breaks down new savings plans. [ASPA] Retirement Savings Plans Resurface 2/2/04 — 2005 budget includes LSA, RSA, and ERSA, and new Individual Development Accounts. [Treasury Department] January 2004 Bush Retirement-Savings Plans to Resurface in February 1/28/04 — RSA and LSA plans will be unveiled in the president's Feb. 2 budget, Treasury Department says. [Seattle Times] December 2003 Drive Renews for Tax-Free Savings Accounts 12/6/03 — Treasury will again push for RSA and LSA accounts. [The Washington Post] October 2003 ERSAs on Comeback Trail 10/31/03 — Bush Administration poised to push for its new breed of retirement savings programs next year. [PlanSponsor.com] June 2003 Pension Reform Comparison 6/18/03 — Side-by-side comparison of EGTRRA, the Bush Proposal and Portman-Cardin, and the impact of each on the 403(b) and 457. [TIAA-CREF] Remarks From Treasury Assistant Secretary for Tax Policy Pamela Olson 6/2/03 — Remarks to 2003 ICI/SIA Retirement Savings Conference includes comments on Bush ERSA/LSA/RSA proposals. [Treasury Department] February 2003 Bush Administration Proposes Massive Changes in Retirement Plans and IRAs 2/25/03 — President Bush recently proposed two new tax-free savings plans, as well as a plan to consolidate most employer-sponsored defined contribution retirement plans. [TIAA-CREF] Sizing Up the Savings Plans 2/13/03 — The big winners would be people living at the top of Money Peak. The losers? Lower paid workers might be cut out of company plans. [Jane Bryant Quinn] LSAs, RSAs, ERSAs and the 403(b) Marketplace 2/11/03 — The Bush plan has significantly negative implications both for the country as a whole and for 403(b) plan participants specifically. [Chuck Yanikoski for 403(b)wise] A Wealth of Qualms On Bush's Savings Plans 2/9/03 — Offered under the rubric of tax simplification, the proposals would offer a chance for the well-to-do to make their children really rich. [The Washington Post] GOP Not Backing Savings Changes 2/7/03 — Bush plan — which reorganizes 401(k)-type plans and IRAs — won't pass, Republican leaders say. [The Washington Post] ERSA and the 403(b) 2/4/03 — In the battle to improve retirement plans, the Bush administration has dropped the big one. As far as teachers and not-for-profit workers are concerned, it couldn't have happened a moment too soon. [403(b)wise] Retirement Plan Savings Provisions, from Treasury Department's General Explanation of the Administration's 2004 Budget Proposal 2/5/03 — Excerpted from Department of the Treasury 2003 budget blue book. [BenefitsLink] Administration: Retirement Savings Plan is Empowering 2/3/03 — Bush administration says new rules give Americans more savings power. Experts are just beginning to sort through the far-reaching proposal's implications. [The USA Today] In Place of IRAs and 401(k)s, LSAs, RSAs and ERSAs? 2/2/03 — Bush administration seeks to streamline retirement plans. [The Washington Post] January 2003 New Tax-Free Savings Plans Proposed 1/31/03 — The Treasury Department formally unveiled a proposal to radically reshape the way Americans save money. [The Washington Post] President Proposes Replacing 401(k) Plans 1/31/03 — The Treasury Department announced that the President's budget will include several new expanded savings proposals including the replacement of 401(k) accounts with the Employer Retirement Savings Account (ERSA). [401khelpcenter] Bush Plan Proposes Radical Changes to Retirement Plans 1/31/03 — Under proposal the 403(b), 457(b) and 401(k) would be rolled into one new plan. [Island Packet Online]   Home | Disclaimer | © 2003-2004 bWise Guys, LLC. All rights reserved.				More Information Treasury Department Press Release Got an ERSA/RSA/LSA question? Got an ERSA/RSA/LSA/IDA answer? Join Discussion