Retirement Fairness Act
12/31/2024, 1:53 AMSummary of Bill S 5422
Bill 118 s 5422, also known as the Retirement Savings Fairness Act, aims to make changes to the Internal Revenue Code of 1986 in order to address retirement plans with large account balances. The bill proposes to establish a contribution limit for individuals with high account balances in their retirement plans, in order to prevent excessive tax benefits for those individuals.Additionally, the bill seeks to increase the minimum distribution requirements for retirement plans with large account balances. This would ensure that individuals with substantial retirement savings are required to withdraw a minimum amount each year, in order to prevent the accumulation of excessive wealth in these accounts.
Overall, the Retirement Savings Fairness Act aims to promote fairness and equity in the tax treatment of retirement savings, by addressing the issue of large account balances in retirement plans. The bill is currently under consideration in the US Congress, and if passed, would have implications for individuals with significant retirement savings.
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Current Status of Bill S 5422
Bill S 5422 is currently in the status of Bill Introduced since December 4, 2024. Bill S 5422 was introduced during Congress 118 and was introduced to the Senate on December 4, 2024. Bill S 5422's most recent activity was Read twice and referred to the Committee on Finance. as of December 4, 2024Bipartisan Support of Bill S 5422
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 5422
Primary Policy Focus
Alternate Title(s) of Bill S 5422
A bill to amend the Internal Revenue Code of 1986 to provide a contribution limit and increased minimum distributions for certain retirement plans with large account balances.A bill to amend the Internal Revenue Code of 1986 to provide a contribution limit and increased minimum distributions for certain retirement plans with large account balances.Comments
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Sponsors and Cosponsors of S 5422
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