HB6772: Expanding Access to Retirement Savings for Caregivers Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 to reduce the age for making catch-up contributions to retirement accounts to take into account time out of the workforce to provide dependent care services.
Plain-language summary
This bill would let people who took time off work to care for dependents make extra catch-up contributions to retirement accounts at a younger age than current law allows. Catch-up contributions let workers over 50 put more money into retirement savings accounts like 401(k)s and IRAs. The bill aims to help caregivers—typically parents—who lost years of retirement savings while providing childcare or eldercare. The bill has been introduced in Congress and is currently under review.
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HB6772: Expanding Access to Retirement Savings for Caregivers Act
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Sponsors
Claudia Tenney
Primary SponsorCo-sponsors (4)
Christopher Pappas
Debbie Lesko
Ann Kuster
Joseph Neguse