Tax Overhaul Would Hurt 401(k) s: Retirement Industry 

(Note: subscriber only content) Excerpt: “Industry groups, including the American Society of Pension Professionals & Actuaries, the Investment Company Institute, American Benefits Council and Insured Retirement Institute, issued statements after Camp’s introduction of the proposal last week.

A 10% surtax on plan contributions for high-income workers would make small-business owners hesitant to offer plans to their workers, ASPPA states.

“Penalizing small business owners for contributing to a plan is going to make them think twice about sponsoring a plan at all, and their employees could lose their workplace retirement plan,” ASPPA CEO Brian Graff says in a statement. “Double taxation is hardly what we hoped to see in any tax reform proposal.”