Washington (Sept. 25, 2002) -- A new Joint Economic Committee study shows that mandatory withdrawals from retirement plans in a falling stock market will force millions of seniors to reduce their IRA and 401(k) holdings much faster than expected or be faced with a prohibitive 50 percent excise tax on their retirement plan assets.

"This new study explains a major threat to seniors' retirement security this year unless changes are made in federal tax law," JEC chairman Jim Saxton said. "This year the problem may be disastrous for many seniors."

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