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US S4297
US S4297AMORE Act Addressing Missed-savings Opportunities for Retirement due to an Epidemic Act
summary
Introduced
07/23/2020
07/23/2020
In Committee
07/23/2020
07/23/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to allow participants in certain retirement plans to delay their 2020 contributions to such plans to 2021 or 2022, and for other purposes. This bill allows a participant in a tax-preferred pension plan or individual retirement plan to make additional contributions to such plans for any taxable year beginning in 2021 or 2022 in an amount not exceeding the participant's unused 2020 contribution amount.
AI Summary
This bill, the AMORE Act (Addressing Missed-savings Opportunities for Retirement due to an Epidemic Act), allows participants in certain retirement plans, such as 401(k)s and individual retirement accounts (IRAs), to delay their 2020 contributions to 2021 or 2022. This is intended to help individuals who may have been unable to make their full retirement contributions in 2020 due to the COVID-19 pandemic. The bill specifies that these additional contributions will not be subject to the usual annual contribution limits, and the retirement plans will not be penalized for allowing these delayed contributions. The bill also provides guidance for how to calculate the "unused 2020 contribution amount" that can be contributed later, and requires the IRS to provide forms and instructions to help participants determine this amount.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 07/23/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4297/all-info |
| BillText | https://www.congress.gov/116/bills/s4297/BILLS-116s4297is.pdf |
| Bill | https://www.congress.gov/116/bills/s4297/BILLS-116s4297is.pdf.pdf |
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