Obama Administration FY 2014 Budget Would Limit Total Accrual of Tax-Favored Retirement Benefits and Make Other Changes

The White House has officially released the Fiscal Year 2014 Budget. Details have been leaking about the provisions contained in the budget since last Friday, when representatives of the White House began making statements about certain items in the budget.

The budget contains a number of very troublesome provisions related to retirement policy including prohibiting individuals from accumulating more than $3.4 million within the tax-favored retirement system (including defined benefit plans, defined contribution plans and IRAs), capping highest income earners’ itemized deductions to 28% (this provision specifically includes retirement contributions) and proposing that the PBGC set variable rate premiums.

ERIC Members and guests can read more here.

Links to the budget documents are as follows:

• Fiscal Year 2014 Budget Overview
• Analytical Perspectives
• The FY 2014 Budget
• Treasury Department “Green Book” (Description of Revenue Proposals)
• Treasury Department Revenue Estimates