Proposal:SIMPLE Plan Modernization Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 322
Type of Legislation	Senate Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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.

Bill Title

SIMPLE Plan Modernization Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-02-04: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S835)
• 2019-02-04: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.