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S 4291

A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.

119th Congress Introduced by Susan Collins and 1 co-sponsor

The bill lets qualifying family caregivers make extra catch-up retirement contributions beyond current limits to eligible accounts.

Introduced in Senate
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WeVote Research Nonpartisan
Bill Summary · S 4291

Bill Summary: S. 4291 (119th Congress) – “A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers”

Note: Based on the provided information, this summary covers the bill’s stated purpose, proposed provisions, affected parties, and procedural timeline. Where specifics are not detailed in the provided text, the summary notes general implications and reasonable inferences.

1. Purpose and intent

  • The central aim of S. 4291 is to modify the Internal Revenue Code to create or expand “catch-up” contribution opportunities for certain family caregivers.
  • The bill is designed to support individuals who provide care for family members by allowing them to contribute additional funds to qualifying retirement accounts beyond standard limits, thereby enhancing retirement savings potential for caregivers.

2. Key provisions and changes (as implied by title)

  • Allow “additional catch-up contributions” for qualifying family caregivers:
    • The bill would modify existing catch-up rules (which currently apply to older age groups or specific plans) to include or expand relief for family caregivers.
    • Potentially defines categories of qualifying caregivers (e.g., individuals providing substantial unpaid care to a family member) and sets eligibility criteria.
  • Scope of accounts likely affected:
    • Typical catch-up provisions apply to tax-advantaged retirement accounts such as 401(k)s, 403(b)s, and Traditional/Roth IRAs. The bill would extend or tailor catch-up allowances within these or similar accounts.
  • Interaction with existing catch-up provisions:
    • The proposal would be additive to existing catch-up limits, potentially allowing an additional amount beyond the standard catch-up for those meeting caregiver criteria.
  • Administrative and compliance considerations:
    • Likely to include definitions, eligibility verification mechanisms, and any necessary reporting requirements to ensure proper application of increased limits.

3. Affected parties

  • Primary beneficiaries:
    • Family caregivers who meet the bill’s eligibility criteria (e.g., individuals providing qualifying unpaid care to a relative or household member).
  • Retirement plan participants:
    • Individuals with eligible employer-sponsored plans (e.g., 401(k), 403(b)) and/or individual retirement accounts (IRAs) who would be eligible for enhanced catch-up contributions.
  • Employers and plan sponsors:
    • Entities managing employee retirement plans would need to implement any new rules for catch-up contributions and ensure plan language complies with the bill.
  • Taxpayers and the Treasury:
    • While the bill may increase catch-up contributions, it could have fiscal implications by affecting tax deferrals and revenue, depending on the final design.

4. Procedural and timeline aspects

  • Introduction and referral:
    • Introduced in the Senate on April 14, 2026.
    • Read twice and referred to the Senate Committee on Finance on the same day.
  • Sponsor and bipartisan support:
    • Co-sponsors: Senator Mark Warner and Senator Susan Collins, indicating cross-party interest and potential bipartisan backing.

5. Potential impacts and considerations

  • Financial security for caregivers:
    • By enabling higher retirement savings through additional catch-up contributions, caregivers may experience improved financial resilience in retirement.
  • Administrative impact:
    • Plan administrators would need to adjust plan documents and ensure eligibility is consistently applied.
  • Policy trade-offs:
    • The bill would likely affect tax deferral and future taxation upon withdrawal; the exact revenue impact would depend on the final eligibility rules and contribution amounts.

If you provide the bill’s text or more detailed summaries, I can refine this into a more precise enumeration of dollar amounts, specific eligibility criteria, and exact changes to the Internal Revenue Code.

Compiled from official sources — confirm details with the bill’s official record.

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