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Congress approves pay raise and expands retirement incentives
The House on July 20 approved a 2.7 percent pay increase for members, raising average salary to about 145000 in 2001, amid debate on automatic COLA. Also July 19 to 20 saw passage of tax and retirement provisions including IRA and 401(k) enhancements and reduced vesting periods, with opposition detailing concerns over saving incentives and fairness. A separate vote July 20 approved lifting the Cuba embargo for food and medicine sales, while Senate actions July 18 19 backed marriage tax relief and prescription drug import proposals.
MENTIONED IN THIS ARTICLE
House
Congress
Treasury Department
Lynn Rivers
D-Mich
Eric Fletcher
R-Ky
Jim Jim Leonard
Tom Greg Leach
Nussie Boswell Latham Ganske
Treasury
Cuba
U.S
Jerry Moran
R-Kan
Kleana Ros-Lehtinen
R-Fla
Senate
Kay Bailey Hutchison
R-Texas