Wyden wants action on ‘mega IRAs’

Senate Finance Committee Chairman Ron Wyden (D-Ore.) wants Washington to get to work fixing the “out of whack” system for retirement savings.

{mosads}Wyden’s statement came after a Government Accountability Office study recommended that the Treasury Department, the Internal Revenue Service and Congress work together on individual retirement account (IRA) reforms. 

The GAO had previously found that about 9,000 taxpayers had IRAs worth more than $5 million, which Wyden dubbed “mega IRAs.”

“The state of retirement savings in the U.S. is completely out of whack. On one hand you’ve got people sheltering millions of dollars in mega IRAs, while at the same time nearly a third of Americans have nothing set aside for retirement. It’s abundantly clear that America needs a better system and tax code that supports retirement planning for all Americans,” Wyden said. 

“I’m committed to working with Treasury and the IRS to implement GAO’s recommendations and help prevent additional abuse and fraud in the tax code.”