WASHINGTON, D.C. – Recently, U.S. Senators Thom Tillis (R-NC), Ted Cruz (R-TX), David Perdue (R-GA), and Kelly Loeffler (R-GA) introduced the Addressing Missed-savings Opportunities for Retirement due to an Epidemic Act (AMORE Act), legislation that would allow individuals facing financial challenges and who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make “catch-up” contributions to these accounts in the coming years.
Specifically, the AMORE Act would allow individuals to compare their actual contributions to retirement accounts such as 401(k) plans, 403(b) plans, and IRAs made in 2020 to the annual contribution limits on these various retirement accounts. The legislation would then permit individuals to make “catch-up” contributions in 2021 and 2022 equal to the difference between their actual contributions and current federal limits on these accounts.
“North Carolinians are making incredible sacrifices during this pandemic, but their financial future should not be part of that sacrifice,” said Senator Tillis. “With so many still unemployed, paying off large medical bills, or trying to store away emergency funds in the midst of this, North Carolinians are having to delay their retirement contribution, adding more stress to families. I am proud to co-introduce this legislation so that families can have peace of mind knowing their future retirement will be protected.”
The full text of the legislation can be read here.