"The President’s FY 2014 budget proposal to limit the deduction or exclusion for contributions to defined contribution plans, defined benefit plans or IRAs for an individual with accumulated retirement savings of approximately $3 million appears to be short-sighted, confusing, and does not consider the unintended consequences of imposing such a cap."
"Individuals and families already are struggling to save enough for retirement, and they do not need another disincentive from saving. Moreover, the burden of calculating whether a participant exceeds the $3 million cap would only add an additional layer of complexity in retirement planning and would unfairly burden participants, as well as plan sponsors."
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