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Senator Orrin Hatch, a Republican through Utah as well as chairman of the Senate Finance Committee.
Workers over age 50 would certainly no longer be able to make catch-up contributions on a pretax basis to their retirement plans under a brand-new amendment to the GOP’s Senate variation of the tax bill.
Orrin G. Hatch, chairman of the Senate Finance Committee, filed the amendment to the bill on Monday.
The full text of the bill is usually here, as well as amendments are here.
in which amendment would certainly permit workers over age 50 to contribute up to one more $9,000 each year to their retirement plans, yet in which would certainly require in which these contributions be made to Roth accounts. Those are accounts where taxes are paid upfront.
Currently, employees over age 50 can contribute up to $6,000 in additional savings each year to their 401(k) plan as well as do so on a pretax basis. in which’s on top of the current annual $18,000 limit.