Proposed Federal Budget for 2014

[Mister Met]

Earlier this year, I saw that the proposed federal budget included that $3 million cap on retirement plan benefits for wealthy individuals. While I would assume it to be unlikely that the final budget would include this provision exactly as currently proposed (or if at all), I was wondering if anyone knows when the budget must be finalized - I was thinking about when this could come into play.

Thank you

[MoJo]

The budget year begins October 1, 2013 - but that doesn't answer your question, as Congress has to get involved - which means... well don't hold your breath. As per the "current" normal, they may (or may not) pass a series of (short term) continuing resolutions that allow the guvmint to continue operating under the old budget.

The suggest cap you talk about was to limit TAX DEDUCTIBLE/DEFERRED retirement benefits to the 415 limit for pension plans (converted to a lump sum) - so it would increase with the increases in the 415 limit.