The Securities Industry Association is urging its members to write their lawmakers in support of bipartisan pension legislation that would hike the contribution limit on 401(k) accounts to $15,000 and on IRAs to $5,000.
The campaign aims to counter efforts against the legislation by the Center on Budget and Policy Priorities, which fears it would disproportionately benefit top earners while doing little for lower income families.
The SIA yesterday posted on its website a form letter members can send their lawmakers. The legislation will result in more employer-sponsored pension plans and increase pension benefits for all workers, it states.
Meanwhile, the Center on Budget and Policy Priorities last week posted analysis on its website showing the legislation actually would put pension coverage for low- and moderate-income workers in small businesses at risk because small-business owners would contribute to IRAs instead of providing 401(k) plans.