Proposed legislation would temporarily raise DC limits

[Big_Hitter]

https://www.napa-net.org/news-info/...temporarily-raise-dc-plan-contribution-limits

"Rep. Patrick McHenry (NC), who serves as the ranking Republican on the House Financial Services Committee, introduced the Securing Additional Value for Every Retirement Saver (SAVERS) Act (H.R. 6562) to temporarily raise contribution limits for defined contribution plans, including 401(k), 403(b) and 457 plans, as well as IRAs. "

 

[pb4uski]

Genius idea. Now if people only had money to contribute.

 

[PatrickA5]

No chance that gets passed. It doesn't really help anybody (other than rich people with extra cash laying around).

 

[pb4uski]

No chance that gets passed. It doesn't really help anybody (other than rich people with extra cash laying around).

One could argue that is exactly why it will be passed, albeit quietly.

 

[GravitySucks]

+1

One could argue that is exactly why it will be passed, albeit quietly.

 

[Spock]

A real SAVERS act would allow more $ to be withdrawn from tax deferred accounts tax free/reduced.

 

[f35phixer]

Ahhh in my work acronyms are spelled out first appearance. What’s DC plan?

 

[PatrickA5]

A real SAVERS act would allow more $ to be withdrawn from tax deferred accounts tax free/reduced.

+1

The CARE act does at least drop the 10% penalty for those that it applies to, but it would be even better if it also dropped the taxes due - maybe for lower income folks. I'm not sure the 3 year tax payout plan does much, but I guess it's better than nothing.

 

[Spock]

Ahhh in my work acronyms are spelled out first appearance. What’s DC plan?

"defined contribution plans, including 401(k), 403(b) and 457 plans, as well as IRAs. ""

 

[Big_Hitter]

Genius idea. Now if people only had money to contribute.

LOL - I'm still W2 hourly and deferring 100% of comp but I'm essentially done....I doubt I'll exceed the statutory limits this year anyway

 

[Big_Hitter]

Ahhh in my work acronyms are spelled out first appearance. What’s DC plan?

DC - defined contribution
DB - defined benefit
401a - qualified

 

[Big_Hitter]

One could argue that is exactly why it will be passed, albeit quietly.

+2

 

[Gumby]

Looks like a solution in search of a problem.