H.R. 6157, To amend the Internal Revenue Code of 1986 to modify the exception from the 10 percent penalty for early withdrawals from governmental plans for qualified public safety employees

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
• This bill, or a similar bill, was reintroduced in the current Congress as H.R. 721, To amend the Internal Revenue Code of 1986 to modify the exception from the 10 percent penalty for early withdrawals from governmental plans for qualified public safety employees.

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H.R. 6157 would amend the Internal Revenue Code of 1986 to modify the exception from the 10 percent penalty for early withdrawals from governmental plans for qualified public safety employees.

Detailed Summary

Amends the Internal Revenue Code to: ( 1) modify the exemption from the 10% penalty for premature distributions from governmental employee benefit plans to qualified public safety employees to eliminate the restriction that such plans be defined benefit plans; and (2) exempt from tax penalties certain periodic payments made to qualified public safety employees before the enactment of the Pension Protection Act of 2006 (i.e., August 17, 2006).

Status of the Legislation

Latest Major Action: 5/22/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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