Protecting Public Safety Employees' Timely Retirement Act of 2022
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.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4314 Introduced in Senate (IS)]
<DOC>
117th CONGRESS
2d Session
S. 4314
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.
_______________________________________________________________________
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.
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 ``Protecting Public Safety Employees'
Timely Retirement Act of 2022''.
SEC. 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.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
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