There have been press releases describing a potential total $3 million cap on retirement plans. What happens to someone who already exceeds $3 million-
1) At a minimum, I assume this will forbid any new contributions that bring the total above $3 million.
2) Will excess over $3 million be taxable and if so over what time period?
3) What happens to Roth IRAs with over $3 million?
4) Any limits on non-retirement tax deferred annuities?
5) What about unrealized capital gains on individual stocks over $3 million.