S 1272
117th Congress
Senate
Taxation
Congressional oversight
Employee benefits and pensions
Government information and archives
Income tax deferral
Income tax exclusion
Income tax rates
SIMPLE Plan Modernization Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 21, 2021
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)
Apr 21, 2021
Introduced in Senate
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)
Committees of jurisdiction
1
Cosponsors
1