H.R. 6562 · 116th Congress
SAVERS Act
- Stage
- In committee
- Sponsor
- Patrick McHenry
- Introduced
- 2020-04-21
- Latest action
- 2020-04-21 · Introduced in House
Summary
Securing Additional Value for Every Retirement Saver Act or the SAVERS Act
This bill increases contribution limits to certain tax-preferred retirement plans in taxable years beginning in 2020 by the lesser of 300% or the compensation of the plan participant that is includible in gross income. For purposes of determining the compensation of plan participants, the bill allows an election to use compensation for 2019 in lieu of 2020.