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Large IRAs and High-Income Retirement Savers Targeted by Amendment to Budget Reconciliation Bill

Last week, Richard Neal (D-Mass), chairman of the House Committee on Ways and Means, unveiled an amendment to help fund the $3.5 trillion budget reconciliation legislation that is currently under consideration in Congress. The Neal amendment would make dramatic changes to the rules governing retirement plans for certain high-income taxpayers by imposing new asset limitations and prohibitions. It would also require distributions and IRA contribution limitations for certain individuals with retirement savings over $10 million, require distributions of Roth balances in excess of $20 million and end the practice of so-called “back-door” Roth conversions. These changes aim to effectively prohibit mega IRAs, which were the subject of extensive press reports earlier this year following ProPublica’s revelation of multiple large IRAs, including Peter Thiel’s $5 billion mega-Roth IRA.

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PErspectives: Private Equity Industry Insights


Time to Read: 1 minutes Practices: Private Equity, Asset Management Industries: Private Equity

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Private Equity newsletter 


Welcome to the inaugural edition of PErspectives – our quarterly publication featuring news, trends and legal developments in the private equity industry. We are thrilled to launch this new publication, which features contributions from a cross section of our preeminent global private equity team. We encourage you to send us feedback on the content or topics you would like to see covered in future issues.

In this Fall 2019 issue, we explore these and other probing questions:

  • Will private investment fund opportunities be expanded to retail investors?
  • Why the recent increase in partnerships with digital health companies?
  • Will the use of SPACs continue to grow in the Asia market?
  • What is happening to the “marketing period” in syndicated all-bank acquisition financings?
  • What trends are we seeing in the market relating to the use of rep & warranty insurance in lieu of seller indemnity?

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