Buffett’s longtime partner and wife of 20 years, Martha B. Buffett, will be the beneficiary of an early-retirement plan, a senior White House official said Monday.
The plan was announced by Biden’s senior adviser, Andrew Shapiro, and the official spoke on the condition of anonymity to discuss the details.
Under the plan, the Buffett family would have a $10 million lump sum, and they would contribute an additional $10.4 million toward a $100,000 trust fund.
Under current law, a family can have up to $5.8 million in retirement savings.
Under the new plan, that amount would be reduced to $3.4 milion.
The Buffett family also would be eligible for a $25,000 gift to charity.
“The president and I will work with the Congress to make sure that the plan is fair and reasonable for all, including families with children,” Shapiro said in a statement.
The official, who spoke on condition of privacy, said the Buffett plan would also allow the family to retain a portion of their annual income in a 401(k) that they would keep until they reach age 59½.
The White House has not yet released details about the Buffett retirement plan.
It is the first step in a broader push to provide a middle-class cushion to a growing number of senior Americans.
The White House is also trying to increase spending on retirement savings in an effort to help the economy, which has shrunk sharply since the end of the Great Recession.