A draft discussion of the Retirement Improvements and Savings Enhancements (RISE) Act has been released. The measure would encourage retirement savings by working class individuals while curtailing the use of “mega Roth IRAs” (a Roth IRA seeded with a low-value asset that then appreciates substantially). Some features: increasing the income limit for claiming the saver’s credit, raising the age for RMDs from 71½ to 73 for those with account balances below $150,000, permitting rollovers for inherited IRAs and plan accounts, allow employer matching contributions to employee student loan repayment, and barring new contributions to Roth IRAs once account balances reach $5 million.
Barbara Weltman
Big Ideas for Small Business, Inc.
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