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* Democrats in Congress continue to negotiate on what should be included in the Biden administration’s Build Back Better agenda. On November 3, 2021, three retirement-related provisions that had been removed the prior week were reinstated.
- Capping aggregate retirement savings in defined contribution and IRA (The provision will now become effective in 2029.)
- Prohibiting conversions of after-tax monies to Roth accounts beginning in 2022 (applies to everyone regardless of income level)
- Prohibiting pretax Roth conversions for high-income individuals beginning in 2032
Two of the retirement provisions remain out of the current bill:
- Mandatory automatic contribution plans and arrangements
- Making the saver’s credit a refundable contribution to retirement savings vehicles
As we always note, there could be further changes and additions. We will continue to update you on any new developments.
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