As Congress begins to tackle tax reform, a coalition of business and benefit advocates formed to protect the tax advantages of retirement savings.
Members in the Save Our Savings Coalition launched Tuesday include American Benefits Council, American Retirement Association, Committee on Investment of Employee Benefit Assets, Defined Contribution Institutional Investment Association, Employee Benefit Research Institute, Financial Services Roundtable, Investment Company Institute, New Economics for Women, Northern Trust, Plan Sponsor Council of America, Principal Financial Group, SPARK Institute, TIAA-CREF and Women’s Institute for a Secure Retirement. Groom Law Group and Capitol Counsel are advising the coalition.
Former House Ways & Means Committee ranking member and Capitol Counsel partner Jim McCrery said in a coalition release that while tax reform done right could preserve and enhance the retirement saving system, “misguided proposals could unintentionally undermine the incentive for employers to offer retirement plans or for working people to save.”
In addition to tax incentives that help people save for retirement, coalition members argue that those savings are important for economic growth, with U.S. retirement assets of $25.3 trillion invested in the equity and fixed-income markets by the end of 2016.