Lawmakers renew push to increase SIMPLE plan contributions
The legislation would bump up the annual contribution limit, taking it from the current maximum of $13,500 to $16,500. Sens. Susan Collins and Mark Warne note the proposed increase is the midpoint between SIMPLE plans and traditional 401(k)s.
April 21, 2021
Sens. Susan Collins, R-Me., and Mark Warner, D-Va., are again pursuing an update for SIMPLE plans, seeking to expand access and increase how much retirement savers can contribute.
On Wednesday, the senators introduced a bill, the SIMPLE Modernization Act, which they also floated in the prior two Congresses. The two prior iterations of the bill died in committee.