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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 | Spring 2021


Time to Read: 1 minutes Practices: Private Equity, Asset Management, Private Funds Industries: Private Equity, Investment Management, Financial Institutions

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 PE Industry Insights


Welcome to the Spring 2021 issue of PErspectives – our periodic publication featuring news, trends and legal developments in the private equity (PE) industry. In this issue, we look at 2021 and beyond as we explore the state of PE in a post-pandemic world and in the wake of significant political developments across the globe. 

With a view to how markets are impacting PE stakeholders in a variety of industries and geographies, our contributors examine these and other probing questions:


  • What should PE investors and portfolio companies expect as markets settle into a new normal post-COVID?
  • How will the new U.S. administration and Brexit shape the global PE landscape?
  • How are the U.S. financing markets faring after months of upheaval?
  • What key trends are emerging in the telehealth sector?
  • Why should asset managers consider long-hold investment strategies?
  • What are some key risks and benefits from using IP in tech deals?

As always, we encourage you to submit questions or share topics of interest for future issues by clicking here.

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