Bill
Bill > HR2942
US HR2942
US HR2942To amend the Internal Revenue Code of 1986 to increase the catch-up contribution limit for retirement plans of participants age 62 through 64.
summary
Introduced
04/30/2021
04/30/2021
In Committee
04/30/2021
04/30/2021
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 increase the catch-up contribution limit for retirement plans of participants age 62 through 64.
AI Summary
This bill proposes to amend the Internal Revenue Code of 1986 to increase the catch-up contribution limit for retirement plans of participants aged 62 through 64. Specifically, it would raise the catch-up contribution limit to $10,000 for plans other than SIMPLE plans, and $5,000 for SIMPLE plans, for individuals aged 62 to 64. The bill also includes provisions for annual cost-of-living adjustments to these increased limits, starting from a base period of July 1, 2021. The amendments made by this bill would apply to tax years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 04/30/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/2942/all-info |
| BillText | https://www.congress.gov/117/bills/hr2942/BILLS-117hr2942ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr2942/BILLS-117hr2942ih.pdf.pdf |
Loading...