To amend the Internal Revenue Code of 1986 to allow Federal law enforcement officers and firefighters to make penalty-free withdrawals from governmental plans after age 50.

Bill: 113-hr-4634
Sponsor: full_name: Rep. Reichert, David G. [R-WA-8]
Introduced: 2014-05-09
Policy area: Taxation
Subjects: Fires

First responders and emergency personnel

Government employee pay, benefits, personnel management

Income tax exclusion

Law enforcement officers

Tax administration and collection, taxpayers
Latest action: action_date: 2014-05-09
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-05-09
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to allow federal law enforcement officers, customs and border protection officers, and firefighters to make penalty-free withdrawals from their tax-exempt employee benefit and pension plans after they reach age 50.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4634 IN THE HOUSE OF REPRESENTATIVES May 9, 2014 Mr. Reichert (for himself and Mr. Pascrell ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow Federal law enforcement officers and firefighters to make penalty-free withdrawals from governmental plans after age 50.

1. Early retirement distributions to Federal law enforcement officers and firefighters in governmental plans (a) In general Subparagraph (B) of section 72(t)(10) of the Internal Revenue Code of 1986 is amended— (1) by striking the period at the end and inserting , or , (2) by striking means any employee and inserting the following: means— (i) any employee , and (3) by adding at the end the following new clause: (ii) any Federal law enforcement officer described in section 8331(20) or 8401(17) of title 5, United States Code, any Federal customs and border protection officer described in section 8331(31) or 8401(36) of such title, or any Federal firefighter described in section 8331(21) or 8401(14) of such title. . (b) Application to defined contribution plans Subparagraph (A) of section 72(t)(10) of such Code is amended by striking which is a defined benefit plan . (c) Effective date The amendments made by this section shall apply to distributions after the date of the enactment of this Act.