State and Local Corrections Officer Retirement Fairness Act of 2022

Bill: 117-s-4024
Sponsor: full_name: Sen. Toomey, Patrick [R-PA]
Introduced: 2022-04-07
Policy area: Taxation
Latest action: action_date: 2022-04-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-04-07
action_desc: Introduced in Senate
text: <p><strong>State and Local Corrections Officer Retirement Fairness Act of 2022</strong></p> <p>This bill extends the exemption from the penalty for early withdrawals from tax-exempt retirement plans currently allowed to federal public safety officers to certain state and local government corrections officers.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4024 IN THE SENATE OF THE UNITED STATES April 7, 2022 Mr. Toomey (for himself and Mr. Bennet ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to extend the exemption from the retirement plan early withdrawal penalty for public safety officers to State and local government corrections employees.

1. Short title This Act may be cited as the State and Local Corrections Officer Retirement Fairness Act of 2022 . 2. Exemption from early withdrawal penalty for certain State and local government corrections employees (a) In general Clause (i) of section 72(t)(10)(B) of the Internal Revenue Code of 1986 is amended by striking or emergency medical services and inserting emergency medical services, or services as a corrections officer or as a forensic security employee providing for the care, custody, and control of forensic patients . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.