Protecting Public Safety Employees' Timely Retirement Act of 2022

Bill: 117-s-4314
Sponsor: full_name: Sen. Toomey, Patrick [R-PA]
Introduced: 2022-05-26
Policy area: Taxation
Subjects: Customs enforcement

Emergency medical services and trauma care

Employee benefits and pensions

Finance and Financial Sector

Fires

First responders and emergency personnel

Health personnel

Income tax deferral

Income tax exclusion

Law enforcement officers
Latest action: action_date: 2022-05-26
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-05-26
action_desc: Introduced in Senate
text: <p><strong>Protecting Public Safety Employees' Timely Retirement Act of 2022</strong></p> <p>This bill modifies the eligible age (age 50) for the exemption from the retirement plan early withdrawal penalty for public safety officers. The bill establishes the age eligibility at age 50 or 25 years of service under the plan, whichever is earlier.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4314 IN THE SENATE OF THE UNITED STATES May 26, 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 modify the eligible age for the exemption from the retirement plan early withdrawal penalty for public safety officers.

1. Short title This Act may be cited as the Protecting Public Safety Employees' Timely Retirement Act of 2022 . 2. Modification of eligible age (a) In general Subparagraph (A) of section 72(t)(10) of the Internal Revenue Code of 1986 is amended by striking age 50 and inserting age 50 or 25 years of service under the plan, whichever is earlier . (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.