The Tax Policy Center (TPC) prepared revenue and distributional estimates of a proposal to replace the current tax benefits for defined contribution (DC) qualified retirement plans with a new Guaranteed Retirement Account (GRA). TPC estimates that the proposal would reduce federal income and payroll tax receipts by $292 billion between fiscal years 2018 and 2027 and increase the number of tax units either making employee contributions or receiving employer contributions on their behalf in 2018.