Georgia’s Republican U.S. Congressman Drew Ferguson, Chief Deputy Whip of the House Republican Conference and a member of the House Ways and Means Committee, recently applauded the passage of the Securing a Strong Retirement Act of 2021 during committee meetings.
The bipartisan retirement package would provide more retirement savings and contribution options for America’s workers as they near retirement, including airline pilots. Ferguson and his colleagues unanimously supported bipartisan provisions focused on expanding coverage and increasing retirement savings, preserving income, as well as simplifying and clarifying retirement plan rules. Under this package, those aged 62, 63, and 64 – including pilots – would have higher allowable catch-up contributions, with up to $10,000 additional per year for employer-sponsored plans and $5,000 for SIMPLE plans. Both would then be annually adjusted for inflation and become effective for tax years beginning after 2020.
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