President Obama’s 2016 budget targets retirement accounts

President Barack Obama's Fiscal Year 2016 Budget was unveiled Monday to the American public, along with the Department of Treasury's Greenbook, which provides further details of the proposals in the president's budget.

Below is a list of those provisions. For in-depth info and the complete article, join our "insider club" by leaving your email at www.enspheremg.com.

1. Eliminate the special tax break for NUA

2. Limit Roth conversions to pretax dollars

3. ‘Harmonize’ the RMD rules for Roth IRAs with the RMD rules for other retirement accounts

4. Eliminate RMDs if your total savings in tax-favored retirement accounts is $100,000 or less

5. Create a 28% maximum tax benefit for contributions to retirement accounts

6. Establish a ‘cap’ on retirement savings prohibiting additional contributions

7. Create a new ‘hardship’ exception to the 10% penalty for the long-term unemployed

8. Mandatory five-year rule for non-spouse beneficiaries

9. Allow non-spouse beneficiaries to complete 60-day rollovers for inherited IRAs

10. Require retirement plans to allow participation from long-term part-time workers

11. Require Form W-2 reporting for employer contributions to defined contribution retirement plans

12. Mandatory auto-enrollment IRAs for certain small businesses

13. Facilitate annuity portability

14. Eliminate deductions for dividends on stock of publicly traded companies held in ESOPs

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Mike Giffin, Ensphere Marketing Group