summary
Introduced
04/21/2021
04/21/2021
In Committee
04/21/2021
04/21/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th 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 ac- counts and easing the transition from a SIMPLE plan to a 401(k) plan, and for other purposes.
AI Summary
This bill, the SIMPLE Plan Modernization Act, aims to promote retirement savings for small business employees by making improvements to SIMPLE retirement accounts (Savings Incentive Match Plan for Employees) and easing the transition from a SIMPLE plan to a 401(k) plan. Key provisions include increasing the contribution limit for SIMPLE IRAs, allowing certain larger employers to elect higher employer matching and nonelective contributions, providing a 2-year grace period for employers that grow beyond the small business threshold, and allowing employers to replace SIMPLE retirement accounts with safe harbor 401(k) plans during the plan year. The bill also includes provisions to collect data on SIMPLE and 401(k) plans for reporting purposes and waives the 2-year withdrawal limitation for employees transitioning from a SIMPLE plan to a 401(k) or 403(b) plan.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126) (on 04/21/2021)
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/117th-congress/senate-bill/1272/all-info |
| BillText | https://www.congress.gov/117/bills/s1272/BILLS-117s1272is.pdf |
| Bill | https://www.congress.gov/117/bills/s1272/BILLS-117s1272is.pdf.pdf |
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