S. 3955 · 117th Congress
Starter-K Act of 2022
- Stage
- In committee
- Sponsor
- John Barrasso
- Introduced
- 2022-03-30
- Latest action
- 2022-03-30 · Introduced in Senate
Summary
Starter-K Act of 2022
This bill allows employers who do not provide a retirement plan to establish a starter 401(k) deferral-only arrangement for plan years beginning after 2022. The bill defines starter 401(k) deferral-only arrangement as any cash or deferred arrangement that meets specified automatic deferral requirements, contribution limitations, and notice requirements. Such arrangements also allow catch-up contributions for individuals age 50 and over and exempt such employers from complying with certain participation and discrimination standards.