S. 4314 — Introduced in Senate

II 117th CONGRESS 2d Session S. 4314 IN THE SENATE OF THE UNITED STATES May 26, 2022Mr. Toomey (for himself and Mr. Bennet) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to modify the eligible age for the exemption from the retirement plan early withdrawal penalty for public safety officers. 1. Short title This Act may be cited as the Protecting Public Safety Employees' Timely Retirement Act of 2022. 2. Modification of eligible age (a) In general Subparagraph (A) of section 72(t)(10) of the Internal Revenue Code of 1986 is amended by striking age 50 and inserting age 50 or 25 years of service under the plan, whichever is earlier. (b) Effective date The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.