WASHINGTON - Rep. Rob Portman, R-Ohio, and Rep. Ben Cardin, D-Md., are planning to introduce legislation next week that would raise the limits on contributions to retirement savings accounts, a spokesman for Rep. Portman said Tuesday.
Substantively the same legislation that died in the waning days of Congress last year, the new bill would raise the cap on Individual Retirement Account contributions to $5,000 a year, from $2,000, and the contribution limit on 401(k) plans to $15,000, from $10,500. It would index the maximum contribution annually in $500 increments, starting in 2004 for IRAs and in 2005 for 401(k) plans.
