As expected, the White House budget calls for legislation that would prohibit individuals from accumulating more than $3 million in individual retirement accounts and other tax-preferred defined contribution retirement accounts, such as 401(k)s. With the release of the full budget details April 10, it became clear the proposed cap would apply not only to individual accounts (such as IRAs and 401(k)s) but to defined benefit pension plans, as well.
THE FINE PRINT
The applicable text, found on page 33 of theWhite House budget proposal:
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