Sec. 108. Higher catch-up limit to apply at age 60
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Section 414(v)(2)(B)(i) of the Internal Revenue Code of 1986 is amended by inserting the following before the period: ($10,000, in the case of an eligible participant who has attained age 60 before the close of the taxable year) . Section 414(v)(2)(B)(ii) of such Code is amended by inserting the following before the period: ($5,000, in the case of an eligible participant who has attained age 60 before the close of the taxable year) . Subparagraph
(C)of section 414(v)(2) of such Code is amended by adding at the end the following: In the case of a year beginning after December 31, 2021, the Secretary shall adjust annually the $10,000 amount in subparagraph (B)(i) and the $5,000 amount in subparagraph (B)(ii) 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, 2020. . The amendments made by this section shall apply to years beginning after December 31, 2020.