Senate Bill Would Allow Catch-Up Contributions in 2021, 2022
The proposal would allow catch-up contributions in those years equal to the difference between an individual’s actual contributions and current federal limits on these accounts.
The proposal would allow catch-up contributions in those years equal to the difference between an individual’s actual contributions and current federal limits on these accounts.
It aims to make SIMPLE plans more accessible among small businesses and would raise the contribution and catch-up limits.