Big money managers, already on guard to protect one of their richest sources of assets, are on alert as more details emerge on how prized 401(k) contributions could fall victim to President Donald Trump's tax overhaul plan.
The New York Times reported Friday that the administration may seek to limit pretax contributions to 401(k) plans to as little as $2,400 annually, down from the current maximum of $18,000 for most workers and $24,000 for those 50 years or older.
The measure, rumored for months as a way to help offset the individual and corporate tax cuts that the Trump administration hopes to enact by year end, would essentially pull future tax revenues forward by requiring Americans to pay taxes on retirement savings now instead of when they tap their nest eggs.
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