I 

111TH CONGRESS 

1ST SESSION H. R. 4361 

To amend the Internal Revenue Code of 1986 to eliminate contribution 

limitations for retirement plans and increase penalties attributable to 

such contributions. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 16, 2009 

Mr. CAMPBELL introduced the following bill; which was referred to the 

Committee on Ways and Means 

A BILL 

To amend the Internal Revenue Code of 1986 to eliminate 

contribution limitations for retirement plans and increase 

penalties attributable to such contributions. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Save More for Your 

5 Own Retirement Act of 2009’’. 

6 SEC. 2. REPEAL OF CONTRIBUTION LIMITATIONS FOR RE7 TIREMENT PLANS. 

8 (a) IN GENERAL.— 


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1 (1) REPEAL OF RETIREMENT CONTRIBUTION

2 DEDUCTION LIMITATIONS.— 

3 (A) Subsection (b) of section 219 of the 

4 Internal Revenue Code of 1986 is amended to 

5 read as follows: 

6 ‘‘(b) MAXIMUM AMOUNT OF DEDUCTION.—The 

7 amount allowable as a deduction under subsection (a) to 

8 any individual for any taxable year shall not exceed an 

9 amount equal to the compensation includible in the indi10 vidual’s gross income for such taxable year.’’. 

11 (B) Section 219 of the Internal Revenue 

12 Code of 1986 is amended by striking sub13 sections (c) and (g). 

14 (2) REPEAL OF ROTH IRA LIMITATION.—Para15 graph (2) of section 408A(c) of such Code is amend16 ed by striking ‘‘the excess (if any) of—’’ and all that 

17 follows through the end and inserting ‘‘the max18 imum amount allowable as a deduction under section 

19 219 with respect to such individual for such taxable 

20 year (computed without regard to subsection (d)(1) 

21 of such section’’. 

22 (3) REPEAL OF LIMITATION ON ELECTIVE DE23 FERRALS.—Section 402 of such Code is amended by 

24 striking subsection (g). 


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1 (b) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to contributions made after De3 cember 31, 2009. 

4 SEC. 3. INCREASE IN PENALTY FOR EARLY DISTRIBUTIONS 

5 ATTRIBUTABLE TO INCREASED CONTRIBU6 TIONS. 

7 (a) IN GENERAL.—Subsection (t) of section 72 of 

8 such Code is amended by adding at the end the following 

9 new paragraph: 

10 ‘‘(11) INCREASED TAX ON EARLY DISTRIBU11 TIONS ATTRIBUTABLE TO INCREASED CONTRIBU12 TIONS.— 

13 ‘‘(A) IN GENERAL.—In the case of an 

14 amount received from a qualified retirement 

15 plan which is attributable to post-2009 excess 

16 contribution, paragraph (1) shall be applied by 

17 substituting ‘25 percent’ for ‘10 percent’ with 

18 respect to such amount. 

19 ‘‘(B) POST-2009 EXCESS CONTRIBUTION.— 

20 For purposes of this paragraph, the term ‘post21 2008 excess contribution’ means any contribu22 tion— 

23 ‘‘(i) made to a qualified retirement 

24 plan for any period beginning after Decem25 ber 31, 2009, and 


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1 ‘‘(ii) to the extent such contribution 

2 exceeds the limitation which would (but for 

3 the Save More for Your Own Retirement 

4 Act of 2009) have applied with respect to 

5 such contribution for such period.’’. 

6 (b) EFFECTIVE DATE.—The amendment made by 

7 this section shall apply to distributions made after Decem8 ber 31, 2009. 

Æ 


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