1. Short title This Act may be cited as the Securing Additional Value for Every Retirement Saver Act or the SAVERS Act . 2. Suspension of contribution limitations for tax-preferred accounts (a) Defined contribution plans (1) Aggregate annual additions The annual addition limitation under section 415(c)(1) of the Internal Revenue Code of 1986 (and any contribution limitation made applicable by reference to subparagraph (A) thereof) for calendar year 2020, or any taxable years beginning during 2020, as the case may be, shall be an amount equal to the lesser of— (A) 300 percent of the amount otherwise in effect under such subparagraph for such calendar or taxable year (determined without regard to this paragraph), or (B) an amount equal to the employee’s compensation. (2) Elective deferrals The applicable dollar amount for elective deferrals under section 402(g) of such Code for any taxable year beginning during 2020, and any dollar limitation determined by reference thereto, shall not be less than an amount equal to the lesser of— (A) 300 percent of the amount otherwise in effect for the taxable year (determined without regard to this paragraph), or (B) the individual’s compensation from the employer to which the plan relates for any taxable year beginning on 2020. (3) 457 Plans The maximum amount which may be deferred for a taxable year beginning in 2020 under an eligible deferred compensation plan (as defined in subsection (b) of section 457 of such Code) shall not be less than an amount equal to the lesser of— (A) 300 percent of the amount otherwise in effect for the taxable year under subsection (e)(15) thereof (determined without regard to this paragraph), or (B) an amount equal to the participant’s includible compensation (as defined in subsection (e)(5) thereof) for the taxable year. (b) Individual retirement accounts (1) In general For purposes of taxable years beginning in 2020, the limitation in effect under section 219(b)(1) of such Code (and any limitation determined by reference to subparagraph (A)