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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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2021 Mutual Funds and Investment Management Conference

Practices: Asset Management, Investment Management, Registered Funds

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Ropes & Gray’s memorandum summarizing the 2021 Mutual Funds and Investment Management Conference sponsored by the Investment Company Institute and the Federal Bar Association is available here. The Conference included sessions that discussed the following industry and regulatory developments, among others:

  • Keynote Remarks by ICI President and CEO, Eric J. Pan & SEC Acting Chair Allison Herren Lee.
  • Recently adopted regulations under the 1940 Act including the Valuation, Fund of Funds and Derivatives Rules.
  • The SEC’s examination and enforcement focus areas under the new administration.
  • Industry issues under current work-from-home orders and eventual re-opening.
  • A review of developments in mutual fund civil litigation.
  • Board practices and regulatory developments affecting fund directors.

If you would like to discuss a specific session, or any other aspect of the conference, please contact any of the lawyers listed on the back cover of the memorandum or the Ropes & Gray lawyer with whom you regularly work.

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