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Second Chance to SaveA Republican-backed bill would let parents catch up on missed 401(k) contributions in two ways: AFTER FAMILY LEAVE, a parent would have three years to make up savings missed during the leave, regardless of employer limits on annual contributions. AFTER KIDS GROW UP, a parent could make annual contributions at twice the level an employer normally allows, up to a federal limit of $11,400, for each year the parent was raising children and didn't work or didn't participate in a 401(k). A parent could claim up to 18 catch-up years.
DATA: SENATE REPUBLICAN RETIREMENT TASK FORCE
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Updated Sept. 25, 1997 by bwwebmaster
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