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Retirement cap proposal draws fire

Critics say President Obamas proposed changes to the rules on retirement plans could hurt small-business owners and their employees.

By Paula Aven Gladych | Updated on April 24, 2013
President Barack Obama, accompanied by acting budget director Jeff Zients, unveiled his budget proposal at the White House on April 10. Photo: Associated Press.

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.

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