To allow penalty-free distributions from retirement accounts in the case of Federal employees and certain Federal contractors impacted by the Federal Government shutdown.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jan 24, 2019)
This bill allows certain employees who are not paid during a lapse in federal appropriations to make penalty-free withdrawals from retirement accounts. The bill applies to employees of the federal government, federal contractors, federal grantees, and the District of Columbia.
The withdrawals may not exceed the amount of compensation the individual would have received during the lapse in appropriations if the lapse had not occurred. Any amount of the distribution that is required to be included in gross income for the year may be included ratably over a three-year period.
An individual who makes such a withdrawal may repay the account by making additional contributions within 180 days of the end of the lapse in appropriations.
What just happenedMar 1, 2019
Referred to the Subcommittee on Social Security.
Who’s behind it
- Introduced in HouseJan 24, 2019
- Mar 1, 2019Committee
Referred to the Subcommittee on Social Security.
Social Security Subcommittee - Jan 24, 2019IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oversight and Accountability Committee - Jan 24, 2019IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Jan 24, 2019IntroReferralIntro-H
Introduced in House
- Jan 24, 2019IntroReferral1000
Introduced in House