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.

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.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4634 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4634

    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.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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.
                                 <all>