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Earlier Retirement Savings for Caregivers: New Rules

This act allows individuals who took time off work to provide dependent care to start making catch-up contributions to their retirement accounts earlier. This helps them compensate for lost time in building retirement savings, positively impacting their future finances and security.
Key points
Individuals providing dependent care can start making catch-up contributions to Individual Retirement Accounts (IRAs) and employer-sponsored plans earlier.
The age for catch-up contributions (typically 50) will be reduced by the number of years spent out of the workforce for caregiving, provided the period was at least one year and began after age 18.
To qualify, individuals must self-attest under penalty of perjury that their caregiving period meets the specified requirements.
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Additional Information
Print number: 118_HR_6772
Sponsor: Rep. Tenney, Claudia [R-NY-24]
Process start date: 2023-12-13
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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

Expanding Access to Retirement Savings for Caregivers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6772.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-12-13.

What are the main provisions?

Key points include:

  • Individuals providing dependent care can start making catch-up contributions to Individual Retirement Accounts (IRAs) and employer-sponsored plans earlier.
  • The age for catch-up contributions (typically 50) will be reduced by the number of years spent out of the workforce for caregiving, provided the period was at least one year and began after age 18.
  • To qualify, individuals must self-attest under penalty of perjury that their caregiving period meets the specified requirements.
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 Rep. Tenney, Claudia [R-NY-24].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Family Benefits