The Obama administration's proposal for capping IRA investments at $3 million would limit savings for young workers more than older workers, the Employee Benefit Research Institute says. Also, the $3 million cap, which is calculated based on the limit for defined-benefit pension-plan annuities, would affect more people as interest rates rise, the group said. "It's much more likely to be closer to a $2.2 million cap," said Jack VanDerhei, EBRI's research director.

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