Retirement industry slams Obama’s 401(k) cap

Excerpt: “The plan gets shuts down when the business owner has no incentive to continue with the plan, and the plan participants are impacted,” says Brian Graff, chief executive of the American Society of Pension Professionals and Actuaries. He says studies have shown plan participants are 15 times more likely not to save when no plan is offered by their employer and their annual earnings range from $30,000 to $50,000. “This proposal is un-administrable,” he adds.”