YAT Karolyn Chapman of Houston spoke during last year's Forum.

The hallmark YAT event, the YAT Forum, will feature Daniel C. Finley of Advisor Solutions, the latest in advocacy and industry news, and top YAT producers sharing ideas that can be put into action.

In addition to the Forum, a YAT Chat series will provide networking, the YAT Suite will be available as a place to unwind, and the YAT Midnight Social will offer fun and fellowship. Finally, several educational workshops will be designated as "YAT Recommended."

The retirement savings cap provision would cap tax deductible/excludible contributions to most retirement savings accounts when the account balance reaches the level required to provide an annual benefit equal to the maximum that can be funded through a DB plan. The proposal would apply to defined contribution (DC) plans, including 401(k) 403(b)s and 457s; defined benefit (DB) accounts, and Individual Retirement Accounts (IRAs).

In current dollars (pension contribution limits and benefits are indexed for inflation, so the level of the limits will change as inflation triggers adjustments), this means that deductible/excludible contributions to retirement savings accounts would not be permissible once an individual's account balance reaches approximately $3.4 million, the amount required to fund the maximum DB benefit of $205,000 (in 2013 dollars). The calculation would be based on a 62-year-old receiving a joint-and-survivor lifetime benefit payment.

The Obama budget also contains a plethora of other proposals that would impact NAIFA members and their clients. Among them are proposals to:

* Limit the tax value (to 28 percent) of the exclusion for employer-paid health insurance and for employee contributions to pension plans
* Change current estate tax rules ($5 million exemption, 40 percent top rate) to the rules in effect in 2009 ($3.5 million exemption/45 percent top rate).

A summary of the budget's other proposals is here.

Generally, the Obama budget calls for $1.8 trillion in new deficit reduction over 10 years, including $580 billion from new revenue. It also includes proposals for new spending cuts and entitlement savings, including:

* A $230 billion (over 10 years) proposal to change how inflation adjustments (to Social Security benefits and other federal payments, as well as to tax rules that are inflation-adjusted) are calculated
* $400 billion in Medicare savings, including a Part B premium surcharge on seniors who purchase "almost first dollar" Medicare supplemental insurance (Medigap), higher premiums for better-off seniors, and combining the deductible for the separate parts of Medicare into just one deductible

Whether a majority in Congress will see the proposal as a possible compromise remains to be seen. There is intense opposition from both the far left and the far right, but more middle-ground lawmakers are so far relatively quiet on the proposal. There is some interest in the retirement savings cap proposal, although its complexity is giving some tax writers pause. In short, at least some elements of the Obama budget proposal may get some traction on Capitol Hill.

In addition, the President's budget proposal joins the now-unanimous call for fundamental tax reform. (Fundamental tax reform is also included in the GOP-controlled House-passed budget and in the Democratic-controlled Senate-approved budget.) While significant differences in approach remain (e.g., whether to allocate any revenue from broadening the tax base to deficit reduction, or to instead restrict use of base-broadening new revenue only to lowering tax rates), it is clear that tax reform will be a top legislative priority this year.

NAIFA will continue to emphasize the need to retain current law tax rules governing life insurance and annuities, retirement savings, and employer-provided benefits, including health insurance.