summary
Introduced
04/29/2021
04/29/2021
In Committee
04/29/2021
04/29/2021
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 permit treatment of student loan payments as elective deferrals for purposes of employer matching contributions, and for other purposes.
AI Summary
This bill, the Retirement Parity for Student Loans Act, amends the Internal Revenue Code to allow employers to make matching contributions to defined contribution retirement plans on behalf of employees who make qualified student loan payments. The bill defines a "qualified student loan payment" as a payment made by an employee to repay a qualified education loan incurred for qualified higher education expenses, up to the annual limit on elective deferrals. The bill also provides rules for how these matching contributions must be treated, including for nondiscrimination testing and vesting requirements. The amendments made by this bill would apply to contributions made for years beginning after December 31, 2021.
Committee Categories
Budget and Finance
Sponsors (6)
Ron Wyden (D)*,
Sherrod Brown (D),
Maria Cantwell (D),
Ben Cardin (D),
Lisa Murkowski (R),
Sheldon Whitehouse (D),
Last Action
Read twice and referred to the Committee on Finance. (text: CR S2357-2358; Sponsor introductory remarks on measure: CR S2357) (on 04/29/2021)
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/1443/all-info |
| BillText | https://www.congress.gov/117/bills/s1443/BILLS-117s1443is.pdf |
| Bill | https://www.congress.gov/117/bills/s1443/BILLS-117s1443is.pdf.pdf |
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