1. Eliminate the special tax break for NUA (Net Unrealized Appreciation)
2. Limit Roth conversions to pretax dollars
3. ‘Harmonize’ the RMD rules for Roth IRAs with the RMD rules for other retirement accounts (this one would be insane if passed)
4. Eliminate RMDs if your total savings in tax-favored retirement accounts is $100,000 or less
5. Create a 28% maximum tax benefit for contributions to retirement accounts (not good if your marginal tax rate is over 28%)
6. Establish a ‘cap’ on retirement savings prohibiting additional contributions (The cap would be calculated by determining the lump-sum payment it would take to produce a joint and 100% survivor annuity of $210,000 a year, beginning when you turn 62. Currently, this would cap retirement savings at approximately $3.4 million.)
7. Create a new ‘hardship’ exception to the 10% penalty for the long-term unemployed
8. Mandatory five-year rule for non-spouse beneficiaries (effectively ending the stretch-IRA; wonder what Ed Slott thinks about this)
9. Allow non-spouse beneficiaries to complete 60-day rollovers for inherited IRAs
10. Require retirement plans to allow participation from long-term part-time workers (allow participation from workers who have worked at least 500 hours a year for three consecutive years with the sponsoring employer)
11. Require Form W-2 reporting for employer contributions to defined contribution retirement plans
12. Mandatory auto-enrollment IRAs for certain small businesses (Employers in business for at least two years and have more than 10 employees would be required to offer an automatic IRA option to its employees if it doesn't already offer another type of employer-sponsored retirement plan)
13. Facilitate annuity portability
14. Eliminate deductions for dividends on stock of publicly traded companies held in ESOPs
President Obama
2. Limit Roth conversions to pretax dollars
3. ‘Harmonize’ the RMD rules for Roth IRAs with the RMD rules for other retirement accounts (this one would be insane if passed)
4. Eliminate RMDs if your total savings in tax-favored retirement accounts is $100,000 or less
5. Create a 28% maximum tax benefit for contributions to retirement accounts (not good if your marginal tax rate is over 28%)
6. Establish a ‘cap’ on retirement savings prohibiting additional contributions (The cap would be calculated by determining the lump-sum payment it would take to produce a joint and 100% survivor annuity of $210,000 a year, beginning when you turn 62. Currently, this would cap retirement savings at approximately $3.4 million.)
7. Create a new ‘hardship’ exception to the 10% penalty for the long-term unemployed
8. Mandatory five-year rule for non-spouse beneficiaries (effectively ending the stretch-IRA; wonder what Ed Slott thinks about this)
9. Allow non-spouse beneficiaries to complete 60-day rollovers for inherited IRAs
10. Require retirement plans to allow participation from long-term part-time workers (allow participation from workers who have worked at least 500 hours a year for three consecutive years with the sponsoring employer)
11. Require Form W-2 reporting for employer contributions to defined contribution retirement plans
12. Mandatory auto-enrollment IRAs for certain small businesses (Employers in business for at least two years and have more than 10 employees would be required to offer an automatic IRA option to its employees if it doesn't already offer another type of employer-sponsored retirement plan)
13. Facilitate annuity portability
14. Eliminate deductions for dividends on stock of publicly traded companies held in ESOPs
President Obama
