Keeping Your Retirement Act of 2021

Bill: 117-s-1959
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2021-06-07
Policy area: Taxation
Subjects: Employee benefits and pensions

Income tax deferral
Latest action: action_date: 2021-06-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-06-07
action_desc: Introduced in Senate
text: <p><strong>Keeping Your Retirement Act of 2021</strong></p> <p>This bill increases from 72 to 75 the age for mandatory distributions from tax-exempt retirement plans.</p>

tv_txt: II 117th CONGRESS 1st Session S. 1959 IN THE SENATE OF THE UNITED STATES June 7, 2021 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the age for required mandatory distributions from retirement accounts, and for other purposes.

1. Short title This Act may be cited as the Keeping Your Retirement Act of 2021 . 2. Increase in age for required beginning date for mandatory distributions (a) In general Section 401(a)(9)(C)(i)(I) of the Internal Revenue Code of 1986 is amended by striking age 72 and inserting age 75 . (b) Spouse beneficiaries; special rule for owners Subparagraphs (B)(iv)(I) and (C)(ii)(I) of section 401(a)(9) of the Internal Revenue Code of 1986 are each amended by striking age 72 and inserting age 75 . (c) Conforming amendment The last sentence of section 408(b) of the Internal Revenue Code of 1986 is amended by striking age 72 and inserting age 75 . (d) Effective date The amendments made by this section shall apply to distributions required to be made after December 31, 2021, with respect to individuals who attain age 72 after such date.