The American Council of Life Insurers is urging Congress to make changes to the retirement system as part of its tax reform agenda that encourage more Americans to begin saving for their post-work years.

In testimony before the House Small Business Committee during hearings on the Challenge of Retirement Savings for Small Employers, the American Council asked the lawmakers to avoid regulations that would harm the existing retirement system, including capping amounts held in retirement plans, reducing the limit on retirement contributions and replacing retirement savings exclusions and deductions with a refundable credit.

Instead, it said Congress should try to to make improvements to the system, by allowing employers to automatically enroll employees into payroll deduction IRAs and by simplifying the process by which small businesses come together to participate in multiple employer plans.

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