[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1636 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1636

    To amend the Internal Revenue Code of 1986 to permanently allow 
 penalty-free withdrawals from retirement plans for individuals called 
                 to active duty for at least 179 days.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 15, 2007

Mrs. Dole (for herself and Mrs. Lincoln) 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 permanently allow 
 penalty-free withdrawals from retirement plans for individuals called 
                 to active duty for at least 179 days.

    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 ``National Guard and Reservists 
Financial Relief Act''.

SEC. 2. PERMANENTLY ALLOWANCE OF PENALTY-FREE WITHDRAWALS FROM 
              RETIREMENT PLANS FOR INDIVIDUALS CALLED TO ACTIVE DUTY 
              FOR AT LEAST 179 DAYS.

    (a) In General.--Section 72(t)(2)(G)(iv) of the Internal Revenue 
Code of 1986 (relating to application of subparagraph) is amended by 
striking ``and before December 31, 2007'' and all that follows.
    (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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