S. 1272 · 117th Congress · Senate

SIMPLE Plan Modernization Act

Active· Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)
Introduced
Apr 21, 21
Passed Senate
Pending
Passed House
Pending
Sent to President
Pending
Signed into Law
Pending

Executive 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.

Action Timeline

2
  1. APR 21, 2021•IntroReferral

    Introduced in Senate

  2. APR 21, 2021•IntroReferral

    Read twice and referred to the Committee on Finance

    (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)

    2125Yea
    2126Nay
    0NV

Committees

1

Finance Committee

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Referred: Apr 21, 2021

Active