I 
117TH CONGRESS 
2D SESSION 
H. R. 8579 
To increase retirement savings, simplify and clarify retirement plan rules, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 28, 2022 
Mr. SCHWEIKERT (for himself and Mr. DONALDS) introduced the following 
bill; which was referred to the Committee on Ways and Means 
A BILL 
To increase retirement savings, simplify and clarify 
retirement plan rules, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Retirement Protection 
Act of 2022’’. 
SEC. 2. ENHANCEMENT OF SAVER’S CREDIT. 
(a) 50 PERCENT CREDIT RATE.—Section 25B(a) of 
the Internal Revenue Code of 1986 is amended by striking 
‘‘the applicable percentage’’ and inserting ‘‘50 percent’’. 
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(b) ADJUSTED GROSS INCOME PHASEOUTS.—Section 
25B(b) of such Code is amended to read as follows: 
‘‘(b) LIMITATION.—For purposes of this section— 
‘‘(1) IN GENERAL.—The amount of credit al-
lowable under subsection (a) (determined without re-
gard to this subsection) shall be reduced (but not 
below zero) by an amount which bears the same 
ratio to the credit otherwise so allowable as— 
‘‘(A) the excess (if any) of— 
‘‘(i) adjusted gross income of the tax-
payer, over 
‘‘(ii) the threshold amount, bears to 
‘‘(B) the phaseout amount. 
‘‘(2) THRESHOLD AMOUNT.—The term ‘thresh-
old amount’ means— 
‘‘(A) in the case of a joint return or a sur-
viving spouse (as defined in section 2(a)), 
$48,000, 
‘‘(B) in the case of a head of household, 75 
percent of the amount in effect for the taxable 
year under subparagraph (A), and 
‘‘(C) in the case of any other individual, 50 
percent of the amount in effect for the taxable 
year under subparagraph (A). 
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‘‘(3) PHASEOUT AMOUNT.—The term ‘phaseout 
amount’ means— 
‘‘(A) in the case of a joint return or a sur-
viving spouse (as defined in 2(a)), $35,000, 
‘‘(B) in the case of a head of household (as 
defined in section 2(b)), 75 percent of the 
amount in effect for the taxable year under sub-
paragraph (A), and 
‘‘(C) in the case of any other individual, 50 
percent of the amount in effect for the taxable 
year under subparagraph (A). 
‘‘(4) INFLATION ADJUSTMENT.— 
‘‘(A) IN
GENERAL.—In the case of any 
taxable year beginning in a calendar year after 
2023, the $48,000 dollar amount in paragraph 
(2) and the $35,000 in paragraph (3) shall 
each be increased by an amount equal to— 
‘‘(i) such dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, determined by substituting ‘calendar 
year 2022’ for ‘calendar year 2016’ in sub-
paragraph (A)(ii) thereof. 
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‘‘(B) ROUNDING.—Any increase deter-
mined under subparagraph (A) that is not a 
multiple of $500 shall be rounded to the near-
est multiple of $500.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 3. TEMPORARY INCREASE IN RETIREMENT CONTRIBU-
TION LIMITS. 
(a) DEFINED CONTRIBUTION PLANS.—In the case of 
the first taxable year of an individual ending after the date 
of the enactment of this Act— 
(1) ELECTIVE
DEFERRALS.—The applicable 
dollar amount for elective deferrals under section 
402(g) of the Internal Revenue Code of 1986, and 
any dollar limitation determined by reference there-
to, shall be increased by $4,000. 
(2) 457 PLANS.—The applicable dollar amount 
under section 457(e)(15)(A) of such Code with re-
spect to an eligible deferred compensation plan (as 
defined in section 457(b) of such Code) shall be in-
creased by $4,000. 
(b) INDIVIDUAL RETIREMENT ACCOUNTS.—In the 
case of the first taxable year of an individual ending after 
the date of the enactment of this Act— 
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(1) IN
GENERAL.—The deductible amount 
under section 219(b)(1)(A) of such Code shall be in-
creased by $4,000. For purposes of such Code, the 
preceding sentence shall be taken into account in de-
termining the maximum amount allowable as a de-
duction under section 219. 
(2) SIMPLE RETIREMENT ACCOUNTS.—In the 
case of elective employer contributions to a simple 
retirement account (as defined in section 408(p) of 
such Code), the applicable dollar amount under 
paragraph (2)(E) thereof shall increased by $4,000. 
(c) CERTAIN CONTRIBUTIONS MADE AFTER CLOSE 
OF TAXABLE YEAR.—In the case of a contribution— 
(1) which is made after the first taxable year 
of an individual ending after the date of the enact-
ment of this Act, and before the 15th day of the 
fourth month following the close of such taxable 
year, and 
(2) to which subsection (b) would apply were 
such contribution made before the end of such first 
taxable year, 
the taxpayer may elect to treat such contribution as made 
during such taxable year for purposes of this section. 
Æ 
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