To amend the Internal Revenue Code of 1986 to reduce the age for making catch-up contributions to retirement accounts to take into account time out of the workforce to provide dependent care services.
Expanding Access to Retirement Savings for Caregivers Act
This bill allows an individual to make annual catch-up contributions to a retirement account before reaching age 50 if the individual leaves the workforce to provide dependent care services.
Specifically, the individual must have been unemployed, and have had no earned income, as a result of providing care to (1) a dependent under the age of 13, or (2) a spouse physically or mentally incapable of self-care.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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