December 13, 2012 - The Air Line Pilots Association, Int’l, sent letters today to the House and Senate supporting a resolution to protect individual retirement savings in the midst of the fiscal cliff debate. “Fiscal cliff” is shorthand for the economic effects of the combination of tax hikes and budget cuts that will take place on Jan. 1, 2013, if Congress does not agree on an alternative. In a search for revenue to avoid “going over the cliff,” lawmakers are considering lowering the amount workers can contribute to defined contribution retirement plans such as 401(k)s and IRAs. ALPA strongly opposes these proposals.
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