President Barack Obama’s 2014 budget puts a $3 million cap on tax-advantaged retirement accounts to crack down on “wealthy individuals” using these investment vehicles to earn “substantially more than is needed to fund reasonable levels of retirement savings.”

Kathleen Pender of the San Francisco Chronicle also notes that Obama’s plan would not apply to himself:

The limit would not apply to Obama’s own pension, which is worth at least $5 million, because it is not in a tax-advantaged account, according to Brian Graff, executive director of the American Society of Pension Professionals & Actuaries. Obama’s pension, which guarantees him a Cabinet-level salary for life indexed to inflation, is a “non-qualified deferred compensation plan, similar to what corporate executives get,” he says.

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