Retirement Savings Access Act of 2009

Retirement Savings Access Act of 2009 - Amends the Internal Revenue Code to allow certain individuals who have received federal or state unemployment compensation for 26 consecutive weeks to take penalty-free distributions from tax-exempt retirement plans.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3612 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3612

  To amend the Internal Revenue Code of 1986 to waive the 10 percent 
  penalty with respect to early retirement distributions for certain 
                        unemployed individuals.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 22, 2009

   Mr. Broun of Georgia (for himself, Mr. Westmoreland, Mr. Deal of 
  Georgia, and Mr. Kingston) 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 waive the 10 percent 
  penalty with respect to early retirement distributions for certain 
                        unemployed individuals.

    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 ``Retirement Savings Access Act of 
2009''.

SEC. 2. WAIVER OF 10 PERCENT PENALTY FOR CERTAIN UNEMPLOYMENT 
              DISTRIBUTIONS.

    (a) In General.--Paragraph (2) of section 72(t) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(H) Unemployment distributions.--
                            ``(i) In general.--Any distribution to an 
                        individual after separation from employment--
                                    ``(I) from an individual retirement 
                                plan, or from amounts attributable to 
                                employer contributions made pursuant to 
                                elective deferrals described in 
                                subparagraph (A) or (C) of section 
                                402(g)(3) or in section 
                                501(c)(18)(D)(iii),
                                    ``(II) if such individual has 
                                received unemployment compensation for 
                                26 consecutive weeks for any Federal or 
                                State Unemployment compensation law by 
                                reason of such separation, and
                                    ``(III) if such distributions are 
                                made during any taxable year during 
                                which such employment compensation is 
                                paid.
                            ``(ii) Distributions after reemployment.--
                        Clause (i) shall not apply to any distribution 
                        made after the individual has been employed for 
                        at least 60 days after the separation from 
                        employment to which clause (i) relates.
                            ``(iii) Self-employed individuals.--To the 
                        extent provided in regulations, a self-employed 
                        individual shall be treated as meeting the 
                        requirements of clause (i)(II) if, under 
                        Federal or State law, the individual would have 
                        received unemployment compensation but for the 
                        fact the individual was self-employed.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to distributions made after the date of the enactment of this Act.
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