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Increased Retirement Savings Opportunities for Unpaid Family Caregivers

This bill creates new retirement savings rules for individuals providing unpaid care to family members. It allows qualified family caregivers who are unemployed or severely underemployed to make additional "catch-up contributions" to their retirement accounts, regardless of whether they meet the standard age requirement (50). This measure aims to provide financial support to those whose caregiving duties limit their ability to earn and save for their own future.
Key points
Family caregivers who provide 500 or more hours of care annually and are unemployed or underemployed can make extra contributions to retirement plans (like IRAs or 401(k)s).
Eligibility for these extra contributions is limited to a maximum of five taxable years in total.
The changes apply to taxable years beginning after December 31, 2024.
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Expired
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Additional Information
Print number: 118_S_5149
Sponsor: Sen. Collins, Susan M. [R-ME]
Process start date: 2024-09-24
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Catching Up Family Caregivers Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5149.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-24.

What are the main provisions?

Key points include:

  • Family caregivers who provide 500 or more hours of care annually and are unemployed or underemployed can make extra contributions to retirement plans (like IRAs or 401(k)s).
  • Eligibility for these extra contributions is limited to a maximum of five taxable years in total.
  • The changes apply to taxable years beginning after December 31, 2024.
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 2025-12-26.

CATEGORIES

Taxes Family