The SPARK Institute has added its name to the list of retirement industry groups upset by proposed changes to retirement savings incentives included in President Obama's 2014 budget.
"At a minimum, the proposals will increase the costs ultimately borne by all American workers trying to save for retirement, not just the high-income workers whom the provisions target," said Larry Goldbrum, general counsel of The SPARK Institute. "At worst, the proposals will adversely impact the availability of plans and the amounts contributed by employers, particularly among small businesses."
In his budget, Obama proposed a $3 million cap on retirement savings, which many industry groups have argued could have dire consequences for small business owners.
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