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FSI presses Senate to preserve retirement tax incentives

A Senate resolution asking leaders to protect the tax deferral incentives of existing retirement savings programs is making the rounds in Washington.

By Andy Stonehouse | Updated on December 18, 2012

A new Senate resolution hoping to at least recognize the long-term importance of tax-deferral incentives for retirement savings – “low-hanging fruit” in this time of 11th-hour fiscal cliff budgetary wrangling – is making the rounds in Washington, with some extra support from the retirement industry.

Senator Max Baucus, Chairman of the Senate Committee on Finance, and the committee’s ranking member, Orrin Hatch, have both been praised by the Financial Services Institute for Senate Concurrent Resolution 62, which asks that the positives of tax deferral present in plans from 401(k)s to private pension plans be thoroughly considered before being hastily included as a possible revenue source in the ongoing financial crisis.

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