The Senate version of the Tax Cuts and Jobs act, released last week, included a provision that would eliminate catch-up contributions to 401(k) accounts for workers making more than $500,000 a year.
Over the weekend, Sen. Orin Hatch, R-UT, chair of the Senate Finance Committee, filed an amendment to the bill that would allow catch-up contributions but require that they be made on an after-tax, or Roth basis.
Hatch's amendment would increase the existing catch-up contribution limit of $6,000 to $9,000.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
