Securing Additional Value for Every Retirement Saver Act or the SAVERS Act This bill increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Bank accounts, deposits, capitalEmployee benefits and pensionsIncome tax deferralIncome tax exclusion
SAVERS Act
USA116th CongressHR-6562| House
| Updated: 4/21/2020
Securing Additional Value for Every Retirement Saver Act or the SAVERS Act This bill increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.