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The Portman-Cardin
Comprehensive Retirement Security and Pension Reform Act would:
Increase the annual contribution limit for IRAs from $2,000 to $5,000. The bill also provides for additional increases in the form of adjustments for inflation;
Introduce a "catch-up" provision to allow taxpayers age 50 and over to make additional contributions to an IRA or 401(k) plan to make up for years during which they could not afford to contribute;
Increase the annual contribution limits for defined contribution savings plans such as 401(k)s from $10,500 to $15,000; and,
Make important changes in the laws governing private pension plans to make it easier for small businesses to provide pensions for their employees and make it easier for employees to move their pension savings when they change jobs.
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