he wants to limit an individual’s total balance in tax-favored retirement accounts to $3 million for someone retiring in 2013. The president feels the need to “define for everyone what is ‘needed’ for a ‘reasonable’ retirement
unlike other penalties that can apply to retirement account owners (i.e., the 6% penalty for excess contributions, the 10% penalty for early distributions),IRC Section 4974(d)allows that IRS to abate (