US SB322 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 4 2019 - 25% progression, died in committee
Action: 2019-02-04 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S835)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 4 2019 - 25% progression, died in committee
Action: 2019-02-04 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S835)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
SIMPLE Plan Modernization Act
Sponsors
| Sen. Susan Collins [R-ME] | Sen. Mark Warner [D-VA] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-02-04 | Senate | Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S835) |
Subjects
Congressional oversight
Employee benefits and pensions
Government information and archives
Income tax deferral
Income tax exclusion
Income tax rates
Taxation
Employee benefits and pensions
Government information and archives
Income tax deferral
Income tax exclusion
Income tax rates
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/322/all-info |
| Text | https://www.congress.gov/116/bills/s322/BILLS-116s322is.pdf |
