More Flak Directed at Obama's Proposed Retirement Cap
Small-business groups have joined the chorus of retirement professionals upset with President Barack Obama's proposed retirement cap.
Opposition to the plan emerged almost immediately. The proposed $3 million cap on retirement savings could force small businesses to stop offering workplace retirement plans, the American Society of Pension Professionals & Actuaries said shortly after the president's plan was unveiled earlier this month.
Calimafde pointed out that changes made to the tax incentives in the 1980s forced many small business owners to close or freeze their workplace retirement plans.
Ed Ferrigno, vice president of Washington Affairs for the Plan Sponsor Council of America, pointed out the $3 million cap also would apply to defined benefit plans.