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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.
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Status:
Expired
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Additional Information
Expanding Penalty Free Withdrawal Act
Print number: HR 175
Sponsor: Rep. Watson Coleman, Bonnie [D-NJ-12]
Process start date: 2021-01-04
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Easier Access to Retirement Savings for Unemployed Individuals

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is 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.

Analysis and Potential Impact of HR 175

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

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