113 HR 1643 IH: Employee Hardship Financial Relief Act of 2013 U.S. House of Representatives 2013-04-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 1st Session H. R. 1643 IN THE HOUSE OF REPRESENTATIVES April 18, 2013 Mr. Kilmer (for himself and Ms. Hanabusa) 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 penalty-free withdrawals from the Federal Thrift Savings Fund to employees who are furloughed as a result of the Federal budget sequester.

1.

Short title

This Act may be cited as the Employee Hardship Financial Relief Act of 2013.

2.

Penalty-free withdrawals from Thrift Savings fund to Federal employees furloughed as a result of sequester

(a)

In general

Paragraph (2) of section 72(t) of the Internal Revenue Code of 1986 (relating to subsection not to apply to certain distributions) is amended by adding at the end the following new subparagraph: (H)

Distributions from thrift savings fund to furloughed Federal employees

Distributions to an individual from the Thrift Savings Fund during the period— (i)beginning on the date that the individual is furloughed (as defined in section 7811(a)(5) of title 5, United States Code) because of lack of funds, and (ii)ending on the date which is 30 days after such furlough ceases for such individual, but only to the extent that the aggregate such distributions with respect to any furlough does not exceed the aggregate reduction in such individual’s compensation on account of such furlough.. (b)

Effective date

The amendment made by this section shall apply to distributions after the date of the enactment of this Act.