Senators propose COVID related catch-up

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Several Republican senators have introduced legislation that would allow plan participants who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make catch-up contributions to these accounts in succeeding plan years.

The Addressing Missed-savings Opportunities for Retirement due to an Epidemic (AMORE) Act (Dean Martin would approve)would allow participants to compare their actual contributions to retirement accounts such as 401(k) plans, 403(b) plans, and IRAs made in 2020 to the annual contribution limits on these various retirement accounts. The legislation would then permit participants to make catch-up contributions in 2021 and 2022 in an amount equal to the difference between their actual contributions and the current deferral limits on these accounts.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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