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The following are highlights from the testimony of Judy A. Miller, director of retirement policy for the American Society of Pension Professionals and Actuaries, before a hearing of the U.S. House Ways and Means Committee regarding Tax Reform and Tax-Favored Retirement Accounts on Tuesday.

“Americans depend on their employee sponsored plans to save for retirement. Two key features distinguish retirement savings tax incentives from other incentives in the U.S. Tax Code–the deferral nature of the incentive, and the non-discrimination rules that make employer-sponsored plans very efficient at delivering benefits across the income spectrum. Simply put, tax incentives for retirement savings play an important role in encouraging employers to sponsor and maintain retirement plans and encouraging participants to contribute to such plans.

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