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Defined contribution plan IRA Legislative updates

Proposal to Increase Savers Match Introduced

Senator Ron Wyden (D-OR), ranking member of the Senate Finance Committee, has introduced the Saver's Match Enhancement Act. A press release and bill summary provide additional details. The proposed legislation includes the following provisions.

  • Increase the matching rate from 50 to 100 percent, so that eligible savers may receive up to $2,000 per year in matching contributions on the first $2,000 they contribute to an eligible retirement account.

  • Index the $2,000 matching limit to inflation so that the amount keeps up with increases in the cost of living.

  • Increase the number of eligible savers by adjusting the income range

    • to $42,500-57,500 for a single taxpayer, from $20,500-35,500,

    • to $63,750-86,250 for a head-of-household filer, from $30,750-53,250, and

    • to $85,000-115,000 for a joint return filer, from $41,000-71,000.

  • Change the Saver's Match from a pre-tax contribution to an after-tax Roth contribution.