“There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!” President Donald Trump tweeted Monday. | Matt Rourke/AP Trump: 'There will be no change to your 401(k)'

President Donald Trump on Monday said there would be no changes to 401(k)s, days after The New York Times reported that House Republicans were considering placing a cap on contribution limits.

“There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!” Trump tweeted Monday.


On Friday, The New York Times reported that House Republicans, as part of an effort to reform the tax code, are proposing to cap the yearly amount workers set aside in 401(k) accounts to $2,400. Currently, workers younger than age 50 can put as much as $18,000 in a 401(k) without paying taxes on the front end, according to The New York Times. Workers older than 50 can put up to $24,000.

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The New York Times cited lobbyists, Democrats in Congress and tax consultants in its report.

Speaking alongside White House adviser Ivanka Trump at a town hall on tax reform in Pennsylvania on Monday, U.S. Treasurer Jovita Carranza reiterated the administration's intent to retain current 401(k) rules.

“The most recent press is that the 401(k) plan as it stands will not be touched," she said during the Buck County forum.

Carranza cautioned that while the plan is "always going to be under review, just like it is for corporate America, just like it is for all of the pensions in every state pension," that the Trump administration was not currently projecting for it to be overhauled, despite the reported push by House Republicans.

"That will be continued to be reviewed, but at this point I can say that the latest is that the 401(k) plan is going to stay as is," she said.