S.1272: SIMPLE Plan Modernization Act

About This Bill

Bill Cosponsor

Bill Version

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.

(Source: Library of Congress)

Bill Actions

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

Introduced in the Senate by Susan Collins (R-Maine)

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