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Easier Retirement Savings for Small Businesses and Employees

This act aims to make it easier for small businesses to offer retirement savings plans like SIMPLE IRAs and 401(k)s to their employees. It increases contribution limits and simplifies transitions between different plan types, potentially helping employees save more for retirement.
Key points
Increased contribution limits for SIMPLE IRA retirement accounts, allowing more savings for the future.
Simplified transition for businesses from SIMPLE IRA plans to 401(k) plans, offering greater flexibility in retirement savings management.
Introduction of higher employer contributions in certain plans, potentially boosting total employee savings.
Streamlined rules for small businesses to more easily offer retirement plans to their employees.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_1272
Sponsor: Sen. Collins, Susan M. [R-ME]
Process start date: 2021-04-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SIMPLE Plan Modernization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1272.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-04-21.

What are the main provisions?

Key points include:

  • Increased contribution limits for SIMPLE IRA retirement accounts, allowing more savings for the future.
  • Simplified transition for businesses from SIMPLE IRA plans to 401(k) plans, offering greater flexibility in retirement savings management.
  • Introduction of higher employer contributions in certain plans, potentially boosting total employee savings.
  • Streamlined rules for small businesses to more easily offer retirement plans to their employees.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Collins, Susan M. [R-ME].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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