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IPA Industry-Leading Advocacy Efforts Successfully Protect Retirement Saver Access Portfolio Diversifying Investments


I’m pleased to share that President Biden’s now being considered in the House of Representatives removed all proposed tax provisions regarding retirement savings, including Section 138312, Limitation on Certain Investments in IRAs.

As originally drafted, Section 138312 unintentionally prevented all investors – not just those with annual income above $400,000 – access to, for example, real estate offerings and other institutional-quality assets, both public and private, that are part of a well-diversified retirement plan.

On September 15, upon learning of this provision, the IPA sent a in partnership with three other trade groups to House Ways & Means Committee Chairman Richard Neal (D-MA) strongly urging the Committee to take a closer look at the proposed provision and the impact on everyday retirement savers. We have been in close contact with senior tax staff of Chairman Neal and Senate Finance Committee Chairman Ron Wyden (D-OR) throughout the process, as well as members of the House Ways and Means and Senate Finance Committees. Our grassroots tool generated over 5,000 letters to Members of Congress, and we successfully engaged a broad coalition of organizations and individual firms in this critical effort.

Today’s announcement is a significant victory for retirement savers and their access to portfolio diversifying investments within tax-advantaged retirement accounts. While neither the House or Senate have voted on this new plan, and it’s not yet law, we’ve very pleased with the outcome.

Thank you to our coalition partners and members who have dedicated their time and resources to our advocacy efforts on this issue. We’re grateful for your ongoing support on this issue and our other policy priorities.

If you have any questions about the revisions to the Build Back Better Act, please don’t hesitate to reach out to Tony or me.

Anya Coverman
SVP, Government Affairs and General Counsel
Institute for Portfolio Alternatives