[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2942 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 2942

  To amend the Internal Revenue Code of 1986 to increase the catch-up 
contribution limit for retirement plans of participants age 62 through 
                                  64.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 30, 2021

Mr. Schweikert introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to increase the catch-up 
contribution limit for retirement plans of participants age 62 through 
                                  64.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. HIGHER CATCH-UP LIMIT TO APPLY AT AGE 62, 63, AND 64.

    (a) In General.--
            (1) Plans other than simple plans.--Section 414(v)(2)(B)(i) 
        of the Internal Revenue Code of 1986 is amended by inserting 
        the following before the period: ``($10,000, in the case of an 
        eligible participant who has attained age 62, but not age 65, 
        before the close of the taxable year)''.
            (2) Simple plans.--Section 414(v)(2)(B)(ii) of such Code is 
        amended by inserting the following before the period: 
        ``($5,000, in the case of an eligible participant who has 
        attained age 62, but not age 65, before the close of the 
        taxable year)''.
    (b) Cost-of-Living Adjustments.--Subparagraph (C) of section 
414(v)(2) of such Code is amended by adding at the end the following: 
``In the case of a year beginning after December 31, 2022, the 
Secretary shall adjust annually the $10,000 amount in subparagraph 
(B)(i) and the $5,000 amount in subparagraph (B)(ii) for increases in 
the cost-of-living at the same time and in the same manner as 
adjustments under the preceding sentence; except that the base period 
taken into account shall be the calendar quarter beginning July 1, 
2021.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to years beginning after December 31, 2022.
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