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Rep. Dave Camp's plan to overhaul the nation's tax code has been condemned by yet another retirement group, with the National Tax-deferred Savings Association (NTSA) denouncing the bill on Friday.

Many fixes have been proposed to solve the retirement crisis in America but none have been the cure-all parties could wish for.

Rep. Dave Camp's plan to overhaul the nation's tax code is facing a backlash from retirement groups urging legislators to recognize the overlap between tax policy and retirement security.

The ruling prompted the American Society of Pension Professionals and Actuaries to warn its members to be mindful of the ruling until the IRS clarifies its position.

Under the legislation, an employer-provided 401(k) must include automatic enrollment and a lifetime income option. If it does not, it must change its plan to do so.

Critics feel that by meddling with the 401(k) system as it stands, it would be shooting everyone in the foot, particularly middle class Americans.

The accounts, which Obama announced in his State of the Union Address, will be available to workers who dont have access to a 401(k) plan,

President Barack Obama unwrapped a retirement option for workers whose companies dont have a 401(k) plan during his State of the Union Address.