Bill > HR8579

This bill, the Retirement Protection Act of 2022, aims to increase retirement savings and simplify retirement plan rules. The key provisions include: 1. Increasing the saver's credit rate to 50% and adjusting the income phaseout thresholds to allow more taxpayers to qualify for the credit, which can help boost retirement savings for low- and moderate-income individuals. 2. Temporarily increasing the retirement contribution limits for defined contribution plans, individual retirement accounts (IRAs), and simple retirement accounts by $4,000 for the first taxable year after the bill's enactment, providing an opportunity for individuals to save more for retirement. 3. Allowing certain retirement contributions made after the close of the first taxable year to be treated as if they were made during that year, providing additional flexibility for individuals to maximize their retirement savings. Overall, the bill seeks to encourage and facilitate greater retirement savings by enhancing the saver's credit and temporarily increasing contribution limits for various retirement accounts.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/8579/all-info