With Congress fighting over exactly which citizen benefits to cut, the head of one of America's biggest fund complexes is now publicly pleading for the future of the 401(k).
Putnam CEO Robert Reynolds bristled over word that the Obama administration is considering capping tax-favored retirement contributions at $20,000 in order to raise additional tax revenue.
It's unclear how this will come as a burden on the working class as Reynolds says.
The only accounts out there that currently allow that kind of thing are tailored to self-employed professionals who generate higher than average income -- to save more than $20,000 a year in a SEP IRA, for example, you need to earn over $80,000, and to hit the current $49,000 cap you need to gross a substantial $196,000 a year.
Maybe he's worried that if Keogh and SEP contribution limits are cut, more mass-market IRAs and 401(k)s will follow.