From Bush tax plan a boon to savers, Treasury could see quick windfall, long-term drought by Kathleen Pender, San Francisco Chronicle, Saturday, February 1, 2003:

These plans would follow existing rules for 401(k) plans, but the rules would be simplified. One rule change would let higher-paid employees contribute more to such plans, said Jon Chambers, a retirement-plan consultant with Schultz Collins Lawson Chambers.

“This plan is definitely way out there,” Chambers said. “It would basically overturn everything.”

If it passed in its current form — which is highly unlikely, given its ambition — financial planners would have a heyday over the next year or two helping clients figure out what to do, Chambers said. After that, there might be little work for planners, because saving would be so simple, he said.