Plan sponsors are overwhelmingly against a tax reform package that would eliminate or reduce the tax-preferential treatment of defined-contribution retirement plans.
In a survey conducted by the Plan Sponsor Council of America, a nonprofit trade group that represents the interests of employer sponsors of workplace retirement plans, nearly 95% of the 443 sponsors who responded strongly or somewhat agree that eliminating or reducing pre-tax contributions to 401(k) plans would be a “bad idea.”
Early vows by the Trump administration to make tax reform a top priority have led to speculation that the tax treatment of workplace retirement and health care plans are negotiable as a way to pay for significant reductions in individual and corporate tax rates.
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