Expanding Access to Retirement Savings for Caregivers Act
Topic:
Proposals are grouped into broad types, with specific topics within each category
Proposal Overview
Name: Expanding Access to Retirement Savings for Caregivers Act
Congress: 118th
Year: 2023
Sponsor and Co-Sponsors
Sponsor:
Representative Claudia Tenney (R-NY)
Co-Sponsors:
4 Bipartisan cosponsors
Companion Bill
None
Program Details
Overview: This bill amends the Internal Revenue Code (IRC) of 1986 to reduce the age for making catch-up contributions to retirement accounts for individuals who left the workforce to provide dependent care services.
Eligible Family Caregivers
Eligible individuals are those who have one or more qualified periods of unemployment, after they are 18 years old, and during which they earned no income for the care they provided to qualifying individuals. Qualifying individuals are dependents under the age of 13 or a spouse physically or mentally incapable of self-care.
Amount of Catch-up Contribution
Not specified. The catch-up contribution amounts are subject to existing IRS regulations.
Financing & Implementation
Program Administration
Internal Revenue Service
Revenue Source(s)
Not specified
Program Cost Estimate
Not specified