Comprehensive Retirement Security and Pension Reform Act of 2001

The Comprehensive Retirement Security and Pension Reform Act of 2001 (S. 631) was designed to make it easier for Americans to save for retirement by increasing contribution limits for Individual Retirement Accounts (IRAs) and 401(k) plans. The bill introduced "catch-up" contributions, allowing workers age 50 and older to put extra money into their retirement accounts to better prepare for the end of their careers. Additionally, the legislation aimed to make retirement benefits more portable, allowing employees to more easily roll over their savings when changing jobs between different types of employers.

For everyday citizens, the bill’s practical impact included faster "vesting" periods, meaning employees would gain full ownership of their employer’s matching contributions in less time. It also simplified the administrative rules for small businesses to offer retirement plans, potentially increasing the number of workplaces providing these benefits. While this specific bill was referred to the Senate Committee on Finance and did not become law on its own, many of its core provisions were ultimately incorporated into the Economic Growth and Tax Relief Reconciliation Act of 2001.