HR 6562
SAVERS Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The SAVERS Act increases contribution limits to certain tax-preferred retirement plans, such as 401(k)s and IRAs, starting in 2020. It allows individuals to contribute up to 300% of their previous year’s compensation, or their current year’s compensation, whichever is greater, to these plans. The bill also allows individuals to use their 2019 compensation to calculate their contribution limits for 2020. This aims to help more people save for retirement.
Sponsors
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Primary sponsor
Patrick T. McHenry
Cosponsors
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