Lawmakers considering cuts to 401(k) incentives as a deficit-reduction strategy do not seem to realize that the incentives are tax deferrals, paid later in retirees' lives, Kathryn Capage, director of retirement research for Invesco, said at an industry conference. Capage said that neither Democrats nor Republicans appear to be an ally for the retirement industry on the issue. "The political winds we're seeing are rough," she said. "None of the things I'm seeing are promoting a heavier emphasis on increased contributions in 401(k) plans."

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