Senate Finance Committee Chairman Max Baucus, D-Mont. Photo credit: Associated Press/File

If fixing the U.S. tax code requires starting with a blank slate, as Sen. Max Baucus suggested in a “Dear Colleague” letter last week, the American Society of Pension Professionals and Actuaries wants to make sure that the tax incentive for retirement savings doesn’t get erased in the process.

The tax incentive for retirement savings is a deferral, not an exclusion, and should not be lumped in with all the other incentives in the tax code, said Brian Graff, ASPPA’s executive director and CEO. Unlike other exclusions, such as the homeowners’ deduction, revenues lost today will be gained later, when retirement income is taxed. But eliminating the tax incentive to save for retirement will effectively reduce that future amount as Americans set aside less for their retirements.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.