SIMPLE Plan Modernization Act
USA117th CongressS-1272| Senate
| Updated: 4/21/2021
Susan M. Collins
Republican Senator
Maine
Cosponsors (1)
Finance Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)
Taxation
Congressional oversightEmployee benefits and pensionsGovernment information and archivesIncome tax deferralIncome tax exclusionIncome tax rates
SIMPLE Plan Modernization Act
USA117th CongressS-1272| Senate
| Updated: 4/21/2021
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.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)
Susan M. Collins
Republican Senator
Maine
Cosponsors (1)
Finance Committee
Taxation
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Congressional oversightEmployee benefits and pensionsGovernment information and archivesIncome tax deferralIncome tax exclusionIncome tax rates