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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

Introduced: April 21, 2021 Introduced by: Collins, Susan M. Republican · Maine See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Plain-English summary Congressional Research Service

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 April 21, 2021

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)

 Related & companion bills 1
  • S 4808 Related bill EARN Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Warner, Mark R.
Virginia · Apr 21, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1272: SIMPLE Plan Modernization Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-1272/
MLA
"S. 1272: SIMPLE Plan Modernization Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-1272/.
Bluebook (legal)
S. 1272, 117th Cong. (2026), https://openamerica.io/bill/117-S-1272/.
Markdown link
[S. 1272: SIMPLE Plan Modernization Act](https://openamerica.io/bill/117-S-1272/)
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