HIGHER CATCH-UP LIMIT TO APPLY AT AGE 60, 61, 62, AND 63.

SEC. 109. HIGHER CATCH-UP LIMIT TO APPLY AT AGE 60, 61, 62, AND 63.(a) In General.—(1) Plans other than simple plans.—Section 414(v)(2)(B)(i) is amended by inserting the following before the period: “(the adjusted dollar amount, in the case of an eligible participant who would attain age 60 but would not attain age 64 before the close of the taxable year)”. (2) Simple plans.—Section 414(v)(2)(B)(ii) is amended by inserting the following before the period: “(the adjusted dollar amount, in the case of an eligible participant who would attain age 60 but would not attain age 64 before the close of the taxable year)”. (b) Adjusted Dollar Amount.—Section 414(v)(2) is amended by adding at the end the following new subparagraph:“(E) Adjusted dollar amount.—For purposes of subparagraph (B), the adjusted dollar amount is—“(i) in the case of clause (i) of subparagraph (B), the greater of—“(I) $10,000, or “(II) an amount equal to 150 percent of the dollar amount which would be in effect under such clause for 2024 for eligible participants not described in the parenthetical in such clause, or “(ii) in the case of clause (ii) of subparagraph (B), the greater of—“(I) $5,000, or “(II) an amount equal to equal to 150 percent of the dollar amount which would be in effect under such clause for 2025 for eligible participants not described in the parenthetical in such clause.” . (c) Cost-of-living Adjustments.—Subparagraph (C) of section 414(v)(2) is amended by adding at the end the following: “In the case of a year beginning after December 31, 2025, the Secretary shall adjust annually the adjusted dollar amounts applicable under clauses (i) and (ii) of subparagraph (E) for increases in the cost-of-living at the same time and in the same manner as adjustments under the preceding sentence; except that the base period taken into account shall be the calendar quarter beginning July 1, 2024.”. (d) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2024.