summary
Introduced
02/04/2019
02/04/2019
In Committee
02/04/2019
02/04/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to promote retirement savings on behalf of small business employees by making improvements to SIMPLE retirement accounts and easing the transition from a SIMPLE plan to a 401(k) plan, and for other purposes. 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.
AI Summary
This bill, the SIMPLE Plan Modernization Act, amends the Internal Revenue Code to promote retirement savings for small business employees by making improvements to SIMPLE (Savings Incentive Match Plan for Employees) Individual Retirement Accounts (IRAs) and easing the transition from a SIMPLE plan to a 401(k) plan. The key provisions include increasing the contribution limits for certain SIMPLE IRAs, modifying the requirements for replacing SIMPLE IRAs with 401(k) plans, and allowing employers to terminate a SIMPLE retirement account and replace it with a safe harbor 401(k) plan during the same plan year.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S835) (on 02/04/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/322/all-info | 02/05/2019 |
| BillText | https://www.congress.gov/116/bills/s322/BILLS-116s322is.pdf | 02/23/2019 |
| Bill | https://www.congress.gov/116/bills/s322/BILLS-116s322is.pdf.pdf | 02/23/2019 |
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