To allow penalty-free distributions from retirement accounts in the case of Federal employees and certain Federal contractors impacted by the Federal Government shutdown.
- Last Action
- 3/1/2019
Actions
- 2019-03-01Referred to the Subcommittee on Social Security.
- 2019-01-24Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2019-01-24Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2019-01-24Introduced in House
- 2019-01-24Introduced in House
CRS Summary
As of 2019-01-24 (00)
This bill allows certain employees who are not paid during a lapse in federal appropriations to make penalty-free withdrawals from retirement accounts. The bill applies to employees of the federal government, federal contractors, federal grantees, and the District of Columbia.
The withdrawals may not exceed the amount of compensation the individual would have received during the lapse in appropriations if the lapse had not occurred. Any amount of the distribution that is required to be included in gross income for the year may be included ratably over a three-year period.
An individual who makes such a withdrawal may repay the account by making additional contributions within 180 days of the end of the lapse in appropriations.
Subjects
- Appropriations
- Employee benefits and pensions
- Executive agency funding and structure
- Government employee pay, benefits, personnel management
- Income tax deferral
- Income tax exclusion
- Income tax rates
- Public contracts and procurement
- State and local government operations
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.