Industry groups are facing renewed concerns that tax advantages for 401(k) plans will be reduced and that financial advisers will face a higher fiduciary standard of care in President Barack Obama's second term. Experts also worry that Congress may lower the amount of employees' tax-deferred 401(k) contributions, which could prompt small-business owners to stop offering the plans. "We are not worried about one specific proposal. We are worried about any cuts in retirement savings," said Brian Graff, CEO of the American Society of Pension Professionals and Actuaries.

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