SIMPLE Plan Modernization Act

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 April 2021

   Introduced

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

   Source: IntroReferral

2. 21 April 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 21 April 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 April 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 April 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 21 April 2021

  Open at official source

Sponsors

• Susan Collins · R · Sponsor
• Mark Warner · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← EARN Act
• related to ← SIMPLE Plan Modernization Act