Expanding Access to Retirement Savings for Caregivers Act
- Last Action
- 5/28/2021
Actions
- 2021-05-28Referred to the House Committee on Ways and Means.
- 2021-05-28Introduced in House
- 2021-05-28Introduced in House
CRS Summary
As of 2021-05-28 (00)
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 cares 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.
Cosponsors (2)
- Chris Pappas (D-NH)
- Debbie Lesko (R-AZ)
Subjects
- Administrative law and regulatory procedures
- Aging
- Department of the Treasury
- Employee benefits and pensions
- Family relationships
- Income tax deductions
- Income tax deferral
- Long-term, rehabilitative, and terminal care
- Unemployment
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.