H.R. 766 · 116th Congress
To allow penalty-free distributions from retirement accounts in the case of Federal employees and certain…
Full title
To allow penalty-free distributions from retirement accounts in the case of Federal employees and certain Federal contractors impacted by the Federal Government shutdown.
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GravesSponsorNo cosponsors.
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.
What it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To allow penalty-free distributions from retirement accounts in the case of Federal employees and certain Federal contractors impacted by the Federal Government shutdown.
Latest action (Mar 1, 2019): Referred to the Subcommittee on Social Security.
Policy area: Taxation · Origin: House · Introduced: Jan 24, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.