Its confusing. Is a person limited to $15,000 total contributions for their lifetime or $15,000 per year maximum. If $15,00 per year at which point the funds would be transferred to a Roth IRA whose investments could then be controlled by the individual this would be an excellent addition for those who have no access to 401k. presently the max ira contribution is $5500. If its $15,000 max stuck in govt bonds till retirement then i;m not impressed.
Not sure why they dont expand the IRA max contribution for those who dont have access to a 401k. my suggestion, Just change the law that everyone can contribute up to $20k per year for example in either a 401k, roth 401k, Ira or roth Ira. Then index the max contribution annually for inflation.