Protecting Public Safety Employees' Timely Retirement Act of 2022

Bill: 117-hr-8319
Sponsor: full_name: Rep. Thompson, Mike [D-CA-5]
Introduced: 2022-07-07
Policy area: Taxation
Latest action: action_date: 2022-07-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-07-07
action_desc: Introduced in House
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: I 117th CONGRESS 2d Session H. R. 8319 IN THE HOUSE OF REPRESENTATIVES July 7, 2022 Mr. Thompson of California (for himself and Mr. Kelly of Pennsylvania ) 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 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.