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Bill > HR3050
US HR3050
US HR3050To amend the Internal Revenue Code of 1986 to allow rollovers from other retirement plans into simple retirement accounts.
summary
Introduced
07/14/2015
07/14/2015
In Committee
07/14/2015
07/14/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to allow rollovers from other retirement plans into simple retirement accounts. Amends the Internal Revenue Code to allow tax-free rollovers from tax-exempt retirement plans, annuities, and deferred compensation plans into a simple individual retirement account.
AI Summary
This bill, by amending the Internal Revenue Code of 1986, would allow individuals to transfer funds, known as rollovers, from various other retirement plans, including tax-exempt retirement plans, annuities, and deferred compensation plans, into a SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Arrangement). This change aims to provide greater flexibility for individuals managing their retirement savings by enabling them to consolidate funds from different sources into a SIMPLE IRA, provided certain conditions related to the timing of the rollover are met.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 07/14/2015)
Official Document
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