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Whittling back DC plan tax benefits

Retirement plans are an inviting target because they are the second largest tax expenditure in the federal budget.

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If you work in the defined contribution (DC) retirement plan market, this is a good time to become familiar with proposals circulating in Washington for whittling back DC plan tax benefits. These proposals have a common goal of raising federal tax revenues to reduce the deficit. Retirement plans are an inviting target because they are the second largest “tax expenditure” in the federal budget, costing $138 billion in the 2012 fiscal year (behind only the exclusion for employer-sponsored health insurance, at $171 billion).

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