Senate Bill 322
116th Congress(2019-2020)
SIMPLE Plan Modernization Act
Introduced
Introduced in Senate on Feb 4, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
322
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Susan Collins
grade
Maine
Virginia
No Senate votes have been held for this bill.
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.
February 4, 2019
02/04/2019
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S835)
02/04/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 3:32:56 PM