117 HR 8319 IH: Protecting Public Safety Employees' Timely Retirement Act of 2022 U.S. House of Representatives 2022-07-07 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.

I117th CONGRESS2d SessionH. R. 8319IN THE HOUSE OF REPRESENTATIVESJuly 7, 2022Mr. Thompson of California (for himself and Mr. Kelly of Pennsylvania) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to modify the eligible age for the exemption from the retirement plan early withdrawal penalty for public safety officers.

1.

Short title

This Act may be cited as the Protecting Public Safety Employees' Timely Retirement Act of 2022.

2.

Modification of eligible age

(a)

In general

Subparagraph (A) of section 72(t)(10) of the Internal Revenue Code of 1986 is amended by striking age 50 and inserting age 50 or 25 years of service under the plan, whichever is earlier.(b)

Effective date

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