S 1272 · 117th Congress · Taxation

SIMPLE Plan Modernization Act

Introduced 2021-04-21· Sponsored by Sen. Collins, Susan M. [R-ME]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)(2021-04-21)

Plain Language Summary

[AI summary unavailable — showing source text] SIMPLE Plan Modernization Act This bill modifies the requirements for SIMPLE (Savings Incentive Match Plan for Employees) Individual Retirement Accounts (IRAs), which are tax-favored retirement accounts that small businesses may provide to employees. The bill increases the contribution limits for certain SIMPLE IRAs and modifies the requirements for replacing SIMPLE IRAs with 401(k) plans.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Democrat
Sen. Warner, Mark R. [D-VA]VA