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Lawmakers renew push to increase SIMPLE plan contributions

Lawmakers renew push to increase SIMPLE plan contributions The legislation would bump up the annual contribution limit, taking it from the current maximum of $13,500 to $16,500. Sens. Susan Collins and Mark Warne note the proposed increase is the midpoint between SIMPLE plans and traditional 401(k)s. April 21, 2021 Sens. Susan Collins, R-Me., and Mark Warner, D-Va., are again pursuing an update for SIMPLE plans, seeking to expand access and increase how much retirement savers can contribute. On Wednesday, the senators introduced a bill, the SIMPLE Modernization Act, which they also floated in the prior two Congresses. The two prior iterations of the bill died in committee.

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