JCT Describes Retirement Savings Legislation

JCT Describes Retirement Savings Legislation

U.S. Joint Committee on Taxation

The Joint Committee on Taxation in a June 17 report provided an overview of the Senate Finance Committee chair's mark of the Enhancing American Retirement Now (EARN) Act.

The Joint Committee on Taxation in a June 17 report provided an overview of the Senate Finance Committee chair's mark of the Enhancing American Retirement Now (EARN) Act.

The Joint Committee on Taxation in a June 17 report (JCX-9-22) provided an overview of the Senate Finance Committee chair's mark of the Enhancing American Retirement Now (EARN) Act. The bill, as scheduled for markup by the committee, would expand retirement saving incentives through provisions related to individuals, retirees, public safety officers and military, nonprofits and educators, disaster relief, employer plans, notices, and Tax Court retirement. The cost of the bill would be offset through revenue provisions that would modify IRAs, the treatment of catch-up contributions, and the treatment of employer matching and nonelective contributions.

The Joint Committee on Taxation in a June 17 report (JCX-9-22) provided an overview of the Senate Finance Committee chair's mark of the Enhancing American Retirement Now (EARN) Act. The bill, as scheduled for markup by the committee, would expand retirement saving incentives through provisions related to individuals, retirees, public safety officers and military, nonprofits and educators, disaster relief, employer plans, notices, and Tax Court retirement. The cost of the bill would be offset through revenue provisions that would modify IRAs, the treatment of catch-up contributions, and the treatment of employer matching and nonelective contributions. 