During a Senate Finance Committee hearing April 11 to discuss President Obama’s fiscal year 2014 budget, Sen. Ben Cardin (D-MD) grilled Treasury Secretary Jack Lew on the president’s proposed $3 million cap on retirement savings.
The complexity of the provision, when added to the array of existing complexities in the tax code and ERISA, “will lead to less people putting away money for retirement, not more,” Cardin told Lew. “Where’s the sensitivity of this administration to helping people save for retirement?”
A video clip of the exchange between Cardin and Lew is posted on ASPPA’s YouTube channel, here.
