HR 2942
To amend the Internal Revenue Code of 1986 to increase the catch-up contribution limit for retirement plans of participants age 62 through 64.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill proposes an increase to the amount older workers can contribute to their retirement plans. Specifically, it raises the ‘catch-up contribution’ limit for individuals aged 62 through 64 to $10,000 for traditional retirement plans and $5,000 for simple plans. The bill also includes provisions for annual adjustments to these limits based on the cost of living, starting in 2023. This change aims to help older workers save more for retirement.
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Primary sponsor
Cosponsor
Debbie Lesko
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