H.R. 2146 — Referred from Senate

IIB 114th CONGRESS 1st Session H. R. 2146 IN THE SENATE OF THE UNITED STATES May 13, 2015Received; read twice and referred to the Committee on Finance AN ACT To amend the Internal Revenue Code of 1986 to allow Federal law enforcement officers, firefighters, and air traffic controllers to make penalty-free withdrawals from governmental plans after age 50, and for other purposes. 1. Short title This Act may be cited as the Defending Public Safety Employees’ Retirement Act. 2. Early retirement distributions to Federal law enforcement officers, firefighters, and air traffic controllers in governmental plans (a) In general Section 72(t)(10)(B) of the Internal Revenue Code of 1986 is amended— (1) by striking the period at the end and inserting , or; (2) by striking means any employee and inserting the following: means— (i) any employee ; and (3) by adding at the end the following new clause: (ii) any Federal law enforcement officer described in section 8331(20) or 8401(17) of title 5, United States Code, any Federal customs and border protection officer described in section 8331(31) or 8401(36) of such title, any Federal firefighter described in section 8331(21) or 8401(14) of such title, or any air traffic controller described in 8331(30) or 8401(35) of such title. . (b) Application to defined contribution plans Section 72(t)(10)(A) of such Code is amended by striking which is a defined benefit plan. (c) Distributions not treated as modification of substantially equal payments Section 72(t)(4)(A)(ii) of such Code is amended by inserting or a distribution to which paragraph (10) applies after other than by reason of death or disability. (d) Effective date The amendments made by this section shall apply to distributions after December 31, 2014. 3. Budgetary effects The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010. Passed the House of Representatives May 12, 2015.Karen L. Haas,Clerk