SIMPLE Plan Modernization Act

Bill Number

S 1272

Introduced

Apr 21, 2021

Latest Action

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S ...

Sponsor

Cosponsors

Topics

Congressional oversight Employee benefits and pensions Government information and archives Income tax deferral Income tax exclusion Income tax rates Taxation

Full Text

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Votes

Summary

SIMPLE Plan Modernization Act

This bill modifies the requirements for SIMPLE (Savings Incentive Match Plan for Employees) Individual Retirement Accounts (IRAs), which are tax-favored retirement accounts that small businesses may provide to employees. The bill increases the contribution limits for certain SIMPLE IRAs and modifies the requirements for replacing SIMPLE IRAs with 401(k) plans.

Actions

Apr 21, 2021

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)
Apr 21, 2021

Introduced in Senate

Amendments

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