A bill to amend the Internal Revenue Code of 1986 to provide equitable treatment for contributions by employees to pension plans.
Enhanced Savings Opportunities Act - Amends the Internal Revenue Code to permit maximum employee contributions to a defined contribution plan to be the lesser of either $30,000 or the participant's compensation, rather than the lesser of $30,000 or 25 percent of the participant's compensation. Makes conforming amendments regarding tax-exempt, educational, and State and local employee annuity plans. Excludes elective deferrals from such limits.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S475-476)
Read twice and referred to the Committee on Finance.
Committee on Finance. Hearings held.
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