March 10, 2010 – The U.S. Senate today passed its version of H.R. 4213, an expiring tax provision extenders bill. As noted earlier in Latest News, the bill, as amended, would allow pretax balances in 401(k)-type plans to be converted to designated Roth account status under the retirement plan. The bill would also extend for one year the $100,000 IRA charitable distribution option, and retirement-related provisions of the Midwestern Disaster Relief Act of 2008.
The U.S. House of Representatives must now either accept the Senate version, or Senate and House must reconcile the differences their respective bills and approve a compromise bill before this legislation could be signed into law.