Title: Fairness for Early Withdrawers Act
Policy area: Taxation

Summary:
Fairness for Early Withdrawers Act
This bill allows tax-preferred pension plan participants to recontribute distributions from such plans made prior to December 1, 2020, without regard to the 60-day rule that requires a rollover of distributions to another plan within 60 days after receipt of such distributions.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7016 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7016

  To waive the 60-day rule in case of rollover of otherwise required 
                     minimum distributions in 2020.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 26, 2020

   Mr. Mast introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To waive the 60-day rule in case of rollover of otherwise required 
                     minimum distributions in 2020.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fairness for Early Withdrawers 
Act''.

SEC. 2. WAIVER OF 60-DAY RULE IN CASE OF ROLLOVER OF OTHERWISE REQUIRED 
              MINIMUM DISTRIBUTIONS IN 2020.

    (a) Qualified Trusts.--Section 402(c)(3) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(D) Exception for rollover of otherwise required 
                minimum distributions in 2020.--In the case of an 
                eligible rollover distribution described in the second 
                sentence of paragraph (4), subparagraph (A) shall not 
                apply to any transfer of such distribution made before 
                December 1, 2020.''.
    (b) Individual Retirement Accounts.--Section 408(d)(3) of such Code 
is amended by adding at the end the following new subparagraph:
                    ``(J) Waiver of 60-day rule and once per-year 
                limitation for certain 2020 rollovers.--In the case of 
                a distribution during 2020 to which, under subparagraph 
                (E), this paragraph would not have applied had the 
                minimum distribution requirements of section 401(a)(9) 
                applied during such years, the 60-day requirement under 
                subparagraph (A) and the limitation under subparagraph 
                (B) shall not apply to such distribution to the extent 
                the amount is paid into an individual retirement 
                account, individual retirement annuity (other than an 
                endowment contract), or eligible retirement plan (as 
                defined in subparagraph (A)) as otherwise required 
                under such subparagraph before December 1, 2020.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2019.
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