A survey released Thursday by the Coalition to Protect Retirement found 87% of Americans think retirement saving accounts should be “off limits” to Congress as a source of revenue. Among respondents who have a tax-deferred retirement plan, 95% agree.
Among the changes being proposed that would affect tax-deferred retirement accounts is the cap on retirement savings proposed in President Barack Obama’s 2014 budget.
The survey was conducted in October by Juncture Strategies and ORC International among 1,011 adults. The coalition comprises the American Benefits Council, American Council of Life Insurers, American Society of Pension Professionals and Actuaries, the ERISA Industry Committee, ESOP Association, Insured Retirement Institute, Investment Company Institute, Plan Sponsor Council of America, Securities Industry and Financial Markets Association, and the Society for Human Resource Management.
“Retirement savings incentives play an essential role in encouraging Americans to save and employers to sponsor retirement plans,” Hank Jackson, president and CEO of SHRM, said in a statement on behalf of the Coalition. “This isn’t just smart tax policy—it’s proven good sense.”
Two-thirds of respondents said saving for retirement was hard enough already and taking away or limiting tax-deferred status of some retirement plans will only make it harder, more confusing and more costly.