New legislation would put caps on retirement balances - Plan Sponsor
New legislation introduced by Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) and House Ways and Means Committee Ranking Member Richard E. Neal (D-Mass.) would require distributions for individuals with very large IRA and defined contribution retirement plan account balances. If an individual’s traditional IRA, Roth IRA, and defined contribution retirement plan account balances generally exceed $10 million, a minimum distribution would be required. The proposed bill would also cap these accounts. James Van Bramer, writing for Plan Sponsor, outlines how the proposed bill would curb tax breaks for individuals with very large retirement accounts. Read Mr. Van Bramer’s article here…
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