117 S4314 IS: Protecting Public Safety Employees' Timely Retirement Act of 2022 U.S. Senate 2022-05-26 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.

II117th CONGRESS2d SessionS. 4314IN THE SENATE OF THE UNITED STATESMay 26, 2022Mr. Toomey (for himself and Mr. Bennet) introduced the following bill; which was read twice and referred to the Committee on FinanceA 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.