The Securing Additional Value for Every Retirement Saver (SAVERS) Act, has been introduced in the House of Representatives to assist Americans whose retirement savings have been adversely affected by the coronavirus. The bill would temporarily increase retirement plan limits, raising the maximum annual addition defined contribution limits (415) and employee deferral limits (402(g)) to 300% of the previously announced 2020 limits. For those limited by their annual income, contributions up to 100% of their annual compensation from 2019 or 2020 are allowable, whichever is higher. The Act has been referred to the House Committee on Ways and Means.
www.401kspecialistmag.com; April 27, 2020.
www.planadviser.com; April 28, 2020.