Retirement Fairness Act

Bill 118 s 5422, also known as the Retirement Savings Fairness Act, aims to make changes to the Internal Revenue Code of 1986 in order to address retirement plans with large account balances. The bill proposes to establish a contribution limit for individuals with high account balances in their retirement plans, in order to prevent excessive tax benefits for those individuals.

Additionally, the bill seeks to increase the minimum distribution requirements for retirement plans with large account balances. This would ensure that individuals with substantial retirement savings are required to withdraw a minimum amount each year, in order to prevent the accumulation of excessive wealth in these accounts.

Overall, the Retirement Savings Fairness Act aims to promote fairness and equity in the tax treatment of retirement savings, by addressing the issue of large account balances in retirement plans. The bill is currently under consideration in the US Congress, and if passed, would have implications for individuals with significant retirement savings.