Components may not sum to totals because of rounding.
H.R. 2954 would amend the tax code to modify rules for retirement plans and tax-favored savings accounts. Several provisions would reduce revenues by expanding automatic enrollment in retirement plans; raising the age at which required minimum distributions from defined contribution retirement plans or traditional individual retirement arrangements must begin; and enhancing the saver’s credit, which benefits certain taxpayers who contribute to retirement accounts. 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.
For JCT’s estimates of the provisions that include detail beyond the summary presented above, see Joint Committee on Taxation, Estimated Revenue Effects Of H.R. 2954, As Amended, The “Securing A Strong Retirement Act Of 2022,” Scheduled For Consideration By The House Of Representatives On March 29, 2022, JCX-3-22 (March 28, 2022), https://www.jct.gov/publications/2022/jcx-3-22/.
