HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.congrecreports/crptxaero0001 and id is 1 raw text is: AUTHENTICATED
U.S. GOVERNMENT
INFORMATION .
Calendar No. 480
117TH CONGRESS REPORT
2d Session SENATE 117-142
ENHANCING AMERICAN RETIREMENT NOW ACT
SEPTEMBER 8, 2022.-Ordered to be printed
Mr. WYDEN, from the Committee on Finance,
submitted the following
R E P O R T
[To accompany S. 4808]
The Committee on Finance, having considered an original bill, S.
4808, to amend the Internal Revenue Code of 1986 to encourage re-
tirement savings, and for other purposes, having considered the
same, reports favorably thereon without amendment and rec-
ommends that the bill do pass.
CONTENTS
Page
I. LEGISLATIVE BACKGROUND ................................................................... 1
II. EXPLANATION OF THE BILL ...................................................................... 9
TITLE I- INDIVIDUAL RETIREMENT ............................................................... 9
1. Secure deferral arrangements (sec. 101 of the bill and new secs.
401(k)(16) and 401(m )(13) of the Code) ............................................ 9
2. Matching payments for elective deferral and IRA contributions
by certain individuals (sec. 102 of the bill and new sec. 6433
of the Code) ......................................................................................... 13
3. Modification of participation requirements for long-term, part-time
workers (sec. 103 of the bill and sec. 401(k) of the Code) ............... 17
4. Treatment of student loan payments as elective deferrals for pur-
poses of matching contributions (sec. 104 of the bill and secs.
401(m), 403(b), 408(p), and 457(b) of the Code) ............................... 20
5. Withdrawals for certain emergency expenses (sec. 105 of the bill
and sec. 72(t) of the Code) ................................................................. 26
6. Allow additional nonelective contributions to SIMPLE plans (sec.
106 of the bill and sec. 408(p) of the Code) ...................................... 29
7. Small immediate financial incentives for contributing to a plan
(sec. 107 of the bill and secs. 401(k), 403(b), and 4975 of the
Code) ................................................................................................... 31
8. Indexing IRA catch-up limit (sec. 108 of the bill and sec. 219
of the Code) ......................................................................................... 34
9. Higher catch-up limit to apply at age 60, 61, 62, and 63 (sec.
109 of the bill and sec. 414(v) of the Code) ...................................... 35
29-010](ViewImageLocal?handle=hein.congrecreports/crptxaero0001&div=1&collection=&method=preview&ext=.png&size=3)