H.R.766 - To allow penalty-free distributions from retirement accounts in the case of Federal employees and certain Federal contractors impacted by the Federal Government shutdown.116th Congress (2019-2020)
|Sponsor:||Rep. Graves, Garret [R-LA-6] (Introduced 01/24/2019)|
|Committees:||House - Ways and Means; Oversight and Reform|
|Latest Action:||House - 03/01/2019 Referred to the Subcommittee on Social Security. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.766 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (01/24/2019)
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.