[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 380 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 380

To amend the Internal Revenue Code of 1986 to provide an exemption from 
     the tax on early distributions for certain Bureau of Prisons 
correctional officers who retire before age 55, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                            February 5, 2015

Mr. Toomey (for himself and Mr. Bennet) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide an exemption from 
     the tax on early distributions for certain Bureau of Prisons 
correctional officers who retire before age 55, and for other purposes.

    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 ``Correctional Officer Fairness Act of 
2015''.

SEC. 2. EXEMPTION FROM TAX ON EARLY DISTRIBUTIONS.

    (a) In General.--Subsection (t) of section 72 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(11) Distributions to qualified federal correctional 
        officers from the thrift savings fund.--
                    ``(A) In general.--In the case of a distribution to 
                a qualified Federal correctional officer from the 
                Thrift Savings Fund established under section 8437 of 
                title 5, United States Code, paragraph (2)(A)(v) of 
                this subsection shall be applied by substituting `age 
                50 (or, if earlier, the age at which the employee has 
                completed 25 years of creditable service)' for `age 
                55'.
                    ``(B) Qualified federal correctional officer.--For 
                purposes of this paragraph, the term `qualified Federal 
                correctional officer' means an individual--
                            ``(i) who is employed by the Federal Bureau 
                        of Prisons as a correctional officer, and
                            ``(ii) who has completed 20 years of 
                        creditable service.
                    ``(C) Creditable service.--For purposes of this 
                paragraph, the term `creditable service' means 
                creditable service under section 8332 or 8411 of title 
                5, United States Code.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to distributions made after December 31, 2015.
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