summary
Introduced
10/09/2020
10/09/2020
In Committee
10/09/2020
10/09/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to increase to 75 the required beginning date age for mandatory retirement distributions and to exempt from such distribution rules individuals with lower account balances. This bill revises rules requiring mandatory minimum distributions from tax-exempt retirement plans. Specifically, it increases from 72 to 75 the age at which plan participants must being making distributions from their accounts. It also exempts defined contribution plans from mandatory distribution requirements if the aggregate value of an employee's entire interest in all such plans does not exceed $100,000.
AI Summary
This bill, the Required Minimum Distribution Modernization Act of 2020, amends the Internal Revenue Code to increase the age at which individuals must begin mandatory retirement distributions from their tax-exempt retirement plans from 72 to 75. It also exempts defined contribution plans from mandatory distribution requirements if the aggregate value of an employee's entire interest in all such plans does not exceed $100,000, which will be adjusted for inflation. The bill aims to modernize the rules around required minimum distributions, allowing individuals with lower account balances to keep their retirement savings invested for longer.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 10/09/2020)
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/house-bill/8567/all-info |
| BillText | https://www.congress.gov/116/bills/hr8567/BILLS-116hr8567ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8567/BILLS-116hr8567ih.pdf.pdf |
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