Senate tax tweak would curb pretax 401(k) catch-up contributions

CNBC| Mon Nov 13 10:38:12 EST 2017
Employees over age 50 can now contribute an additional $6,000 to their retirement plans. The bill raises this amount to $9,000, but you must pay income taxes upfront. CNBC.com Workers over age 50 would no longer be able to make catch-up contributions on a pretax basis to their retirement plans under a new amendment to the GOP's Senate version of the tax bill. Orrin G. Hatch, chairman of the Senate Finance Committee, filed the amendment to the bill on Monday. The full text of the bill is here, and amendments are here. This amendment would permit workers over age 50 to contribute up to an additional $9,000 each year to their retirement plans, but it would require that these contributions be ma..

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