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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 24, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Mar 1, 2019Referred to the Subcommittee on Social Security.
- Jan 24, 2019Introduced in House
- Jan 24, 2019Referred 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.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 469 | Emergency Relief for Federal Contractors Act of 2019 | Related bill | Feb 13, 2019 |
| S 486 | A bill to waive the penalty for withdrawals from retirement plans for certain Federal employees and contractors affected by a lapse in appropriations, and for other purposes. | Related bill | Feb 14, 2019 |
| HR 545 | Financial Relief for Feds Act of 2019 | Related bill | Mar 1, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 24, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.