As expected, the White House budget calls forlegislation that would prohibit individuals from accumulating morethan $3 million in individual retirement accounts and othertax-preferred defined contribution retirement accounts, such as401(k)s. With the release of the full budget details April 10, itbecame clear the proposed cap would apply not only to individualaccounts (such as IRAs and 401(k)s) but to defined benefit pensionplans, as well.
THE FINE PRINT
The applicable text, found on page 33 of theWhite Housebudget proposal:
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