FSI steps up fight to preserve tax breaks

The Financial Services Institute and other retirement industry groups fear that "fiscal cliff" negotiations could affect the tax deductions and tax breaks that encourage retirement savings, even if a year-end deal doesn't specifically target them. Groups are stepping up their lobbying efforts in a bid to ensure that tax deferrals for 401(k) plans and IRAs aren't sacrificed as part of a 2013 deficit-reduction effort. "It is critical to retirement security that the current system be retained," FSI President and CEO Dale Brown wrote in a letter to the Senate Finance Committee.

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