The American Society of Pension Professionals & Actuaries isurging the bipartisan "Gang of Six" to tread carefully on itsproposal to raise revenue by reducing tax incentives for retirementsavings.
Senate leaders on both sides of the aisle reached an agreementJuly 19 on a plan to cut the deficit by more than $4 trillion overthe next decade. More than $1 trillion is to come from reformingtax expenditures for health care, charitable giving, homeownershipand retirement.
But ASPPA asserts retirement plan savings are tax deferrals, notpermanent deductions and exclusions, which is how the Gang ofSix plan categorizes them. "Traditional retirement savings taxincentives don’t eliminate income tax on retirement savings, theydefer payment of income tax until workers retire and benefits arepaid out," said CEO Brian Graff in a statement.
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