Odds Improve in Congress for 401(k) Overhaul Wall Street Journal (04/03/03) Vol. 13, No. 3 p.D2; Herman, Tom
Two members of the House are about to introduce legislation that would hasten the scheduled increases in retirement plan contribution limits, and are apparently considering upping the individual retirement account contribution limit to $5,000 for those under age 50 and to $6,000 for those age 50 and up, while speeding up the scheduled increases in 401(k) contribution limits to $15,000 for those under age 50 and $20,000 for those older. Other proposals under consideration for the Portman-Cardin plan include raising the age for mandatory IRA withdrawals to 75 as well as the expansion of small-business pension coverage and the simplification of regulations. President Bush's plan would create new savings and retirement savings accounts, consolidating 401(k) and similar plans into a simpler account, but critics say that the plan is too expensive or might not boost retirement savings.