Summary: S.1272 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for S.1272. Bill summaries are authored by CRS.

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Introduced in Senate (04/21/2021)

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.