arrow_back Back to App

Easier Access to Retirement Savings for Unemployed Individuals

This act makes it easier for long-term unemployed individuals to access their retirement savings without additional penalties. It aims to provide financial support during difficult times, allowing withdrawals of up to $50,000 or half the plan's value, whichever is less. These changes can help cover immediate expenses.
Key points
Unemployed individuals who received benefits for at least 26 weeks can withdraw money from retirement plans without penalty.
The penalty-free withdrawal limit is up to $50,000 or half the retirement plan's value, whichever is less.
The provisions apply to distributions made after December 31, 2020.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_175
Sponsor: Rep. Watson Coleman, Bonnie [D-NJ-12]
Process start date: 2021-01-04
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Expanding Penalty Free Withdrawal Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_175.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-01-04.

What are the main provisions?

Key points include:

  • Unemployed individuals who received benefits for at least 26 weeks can withdraw money from retirement plans without penalty.
  • The penalty-free withdrawal limit is up to $50,000 or half the retirement plan's value, whichever is less.
  • The provisions apply to distributions made after December 31, 2020.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Watson Coleman, Bonnie [D-NJ-12].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Benefits Taxes Labor