A diverse group of advocates and financial services firmslaunched Tuesday the Save Our Savings (SOS) Coalition, an alliancededicated to ensuring that Americans’ retirement savings aren’tcompromised as Congress delves into a comprehensive taxoverhaul.

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Members of the SOS Coalition include: American Benefits Council,American Retirement Association, Committee on Investment ofEmployee Benefit Assets, Inc., Defined Contribution InstitutionalInvestment Association, Financial Services Roundtable, InvestmentCompany Institute, New Economics for Women, Northern Trust, PlanSponsor Council of America, Principal, SPARK Institute, TIAA andWomen’s Institute for a Secure Retirement.

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The groups along with former congressmen worry over proposals toreduce the tax incentive for retirement plans. For instance,in the sweeping tax reform changes of 1986, Congress reduced thecontribution limits for 401(k) plans.

Similarly, former House Ways and Means Committee Chairman Rep.Dave Camp, R-Mich., proposed freezing the indexing of the limits,which has the practical effect of significantly reducing them overtime. Such changes, the coalition argues, would severely reduce theincentive for employers and employees to save.

Camp joined PwC US in 2015 as a senior policy advisor based inits Washington National Tax Services practice.

“Tax reform is a worthy goal that, if done right, could presentpolicymakers a unique opportunity to preserve and enhance thesystem that’s helped millions of hardworking Americans save forretirement,” said Jim McCrery, former ranking member of the Waysand Means Committee, in a statement announcing thecoalition. “On the other hand, misguided proposals couldunintentionally undermine the incentive for employers to offerretirement plans or for working people to save.”

Congress, McCrery continued, should be focused on policies thatwill “expand and improve the private retirement system.”

He cited research showing that Americans overwhelmingly supporttax incentives for retirement savings: 80% of households who have aretirement account say its positive tax treatment is a bigincentive to contribute, and about 90% of households oppose bothtaking away the tax advantages of retirement accounts and reducingthe amount individuals can contribute to retirement accounts.

Rep. Charles Boustany, who served on the House Ways and MeansCommittee for eight years, added in the statement that “We need tomake sure people continue to have access to retirement plansbecause everyone deserves the opportunity to retire with dignityand financial independence.”

The private retirement system is particularly important formiddle-class families, Boustany added, “with 80% of participants inworkplace defined contribution retirement plans earning less than$100,000 annually.”

The coalition stated that nationwide, “75% of private sectorworkers are offered a workplace retirement plan and 82% of workerswho are offered a workplace retirement plan choose toparticipate.”

Michael Kreps, a representative of the coalition and a principalwith Groom Law Group, added that “the data makes clear that theretirement system has helped millions of people save forretirement. As Congress considers tax reform, it is criticallawmakers don’t unintentionally undermine the incentives forworking people to save.”

Savings are an important driver of economic growth, thecoalition maintained.

As of year-end 2016, U.S. retirement assets totaled $25.3trillion invested in the equity and fixed income markets, makingAmerican capital markets the largest and most liquid in the world.“Those dollars power the economy by giving businesses the necessaryfunds to create more goods and services,” the coalition said.