The Senate Finance Committee is proposing ways the tax system could be reformed to promote increased retirement savings and recently considered testimonies from multiple employee benefits and retirement experts.

One of the experts Judy A. Miller, director of retirement policy for the American Society of Pension Professionals & Actuaries, is concerned about the proposals because they slash the contribution limits, and turn this year's into a credit, which, she says, would discourage small-business owners from providing workplace retirement plan.

"The key to promoting retirement security is expanded workplace savings and increased incentives for small-business owners to sponsor retirement plans," Miller says. "We urge Congress not to dismantle what's working with our private employer sponsored retirement system to pay down the current debt and as a result put the retirement future of American workers in jeopardy."