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H.R. 2954, Securing a Strong Retirement Act of 2021 (CBO Report for Congress)

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Congress 117th
Date Requested May 5, 2021
Requested By House Committee on Ways and Means on
Date Sent Sept. 2, 2021
Description:
H.R. 2954 would amend the tax code to modify rules for retirement plans and tax-favored savings accounts. Several provisions would reduce revenues significantly by expanding automatic enrollment in retirement plans and raising the age at which required minimum distributions (RMDs) from defined contribution retirement plans or traditional individual retirement arrangements (IRAs) must begin. Other provisions would increase revenues by directing some retirement plans to require catch-up contributions to be designated as Roth contributions and allowing some plans to permit employees to designate their employers’ matching contributions as Roth contributions.

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