Tax Relief for Corrections Officers: Early Withdrawals Without Penalty.
New rules extend the ability to withdraw retirement funds early without additional penalties to state and local corrections officers. This means these individuals, like other public safety officers, can manage their retirement savings more flexibly in emergencies without incurring extra costs. These changes apply to tax years beginning after the act's enactment date.
Key points
State and local corrections officers can now withdraw funds from retirement plans before retirement age without additional tax penalties.
This change aligns their rights with those of other public safety officers, such as police and emergency medical personnel.
The new rules apply to withdrawals made in tax years beginning after the act's enactment date.
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