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Main Subject: Taxation

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.

Senate Actions

IntroReferral
Apr. 21 2021	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126)

Library of Congress Actions

IntroReferral
Apr. 21 2021	Introduced in Senate

Senate bill S1272-117

SIMPLE Plan Modernization Act

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