The Bush administration's fiscal 2005 budget, released today, again proposes the Lifetime, Retirement and Employer Retirement savings accounts, at a cost of $7.6 billion for 10 years. Individuals would be able to contribute up to $5,000 in after-tax savings to either an LSA or RSA, down from $7,500 proposed last year, and investment earnings and distributions would be tax-free. RSAs would replace traditional and Roth individual retirement accounts, while ERSAs would replace 401(k), 403(b) and 457 retirement plans and SIMPLE plans.
The Bush administration's fiscal 2005 budget, released today, again...
Sponsored
White Papers
Sponsored Content
Partner Content