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Retirement Industry Looks Askance at $3 Million IRA Cap in Obama Budget

Limit in deficit-cutting plan released Wednesday by White House.

By Arthur D. Postal | Updated on April 10, 2013

A budget deficit-cutting proposal from President Obama released Wednesday that calls for capping the value of individual retirement accounts at $3 million would significantly impact the growth of the retirement market in coming years, according to an analysis by Employee Benefit Research Institute.

Small business owners, a core customer for credit unions, would be significantly impacted by the proposal, according to Brian H. Graff, executive director and CEO of the American Society of Pension Professionals & Actuaries. He warned of the potential devastating impact if the proposal was enacted on small-business people.

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