Filed Under:Markets, Employee Benefits

Obama budget proposal would hit retirement savers

The percentage of 401(k) participants likely to be affected by the proposed cap limit may increase substantially.
The percentage of 401(k) participants likely to be affected by the proposed cap limit may increase substantially.

Although a now-small percentage of 401(k) plan participants with individual retirement accounts have combined balances that would subject them to a government-proposed cap on tax-deferred retirement savings accounts, the proportion of participants beholden to the limit could increase substantially over time.

The Employee Benefits Research Institute arrived at this conclusion in an August 2013 “Issue Brief” that explores the impact of a proposed federal cap on retirement savings. The report expands on an earlier EBRI analysis by simulating the 401(k) account balances at age 65 for all of the participants in the EBRI/Investment Company Institute (ICI) 401(k) database with salary information.

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Nichole Morford

Nichole Morford
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