[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 969 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 969

To amend the Internal Revenue Code of 1986 to provide an exemption from 
  the tax on early distributions for certain Federal law enforcement 
 officers, firefighters, and air traffic controllers who retire before 
                    age 55, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 16, 2015

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 provide an exemption from 
  the tax on early distributions for certain Federal law enforcement 
 officers, firefighters, and air traffic controllers 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 ``Federal Public Safety Retirement 
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 law enforcement 
        officers, firefighters, and air traffic controllers from the 
        thrift savings fund.--
                    ``(A) In general.--In the case of a distribution to 
                a qualified Federal law enforcement officer, qualified 
                firefighter, or qualified air traffic controller 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 law enforcement officer.--For 
                purposes of this paragraph, the term `qualified law 
                enforcement officer' means an individual--
                            ``(i) who is employed by the Federal 
                        Government as a law enforcement officer (within 
                        the meaning of section 4521, 5541(3), 8331(20), 
                        or 8401(17) of title 5, United States Code), 
                        and
                            ``(ii) who has completed 20 years of 
                        creditable service.
                    ``(C) Qualified firefighter.--For purposes of this 
                paragraph, the term `qualified firefighter' means an 
                individual--
                            ``(i) who is employed by the Federal 
                        Government as a firefighter (within the meaning 
                        of section 8331(21) of title 5, United States 
                        Code), and
                            ``(ii) who has completed 20 years of 
                        creditable service.
                    ``(D) Qualified air traffic controller.--For 
                purposes of this paragraph, the term `qualified air 
                traffic controller' means an individual--
                            ``(i) who is employed as an air traffic 
                        controller (within the meaning of section 2109 
                        of title 5, United States Code), and
                            ``(ii) who has completed 20 years of 
                        creditable service.
                    ``(E) 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 in taxable years beginning after December 31, 
2014.
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