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Keyword: confiscateira

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  • Can Pennsylvania confiscate your IRA? Under a new law, maybe

    09/12/2016 7:44:05 AM PDT · by george76 · 17 replies
    Inquirer ^ | SEPTEMBER 12, 2016 | Erin E. Arvedlund
    The law, which took effect Saturday, allows Pennsylvania to seize some retirement accounts three years after they're presumed abandoned - regardless of the account owner's age. Previously, the state waited until individuals reached age 701/2 before seizing retirement accounts and liquidating the portfolios. Now, older folks and famously contact-averse millennials could be affected. Valley Forge-based Vanguard, with more than $3 trillion in assets, isn't happy about the state's budget-inspired change and plans to join forces with others in the financial industry to repeal the law next year. ... For those who opt to communicate electronically, the "lost contact" trigger is...
  • Obama budget to take aim at wealthy IRAs

    04/05/2013 4:48:44 PM PDT · by 2ndDivisionVet · 41 replies
    The Hill ^ | April 5, 2013 | Bernie Becker
    President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts. The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code. The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.” Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year...