S. 5422 aims to modify the Internal Revenue Code of 1986 by introducing limits on contributions to certain retirement plans with large account balances and by increasing the required minimum distributions from these plans. The bill sets a contribution cap of $4,000,000,...
Simple Explanation
The bill wants to stop people from putting too much money into huge retirement piggy banks by setting a big cap on them, making them take some money out every year, and using extra money to help Social Security.