What is the official ID of this bill?

The official print number for this legislation is S 2583.

When did the legislative process begin?

The process officially started on 2021-08-03.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/117/bills/s2583/BILLS-117s2583is.htm

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

Who is the primary sponsor?

The primary sponsor is Sen. Cassidy, Bill [R-LA].

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Analysis and Potential Impact of S 2583

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.

Disaster Relief: Easier Access to Retirement Funds

Q: What are the main provisions?

Key points include: You can withdraw up to $100,000 from retirement funds without extra penalties if you were affected by a federally declared disaster. Withdrawn amounts can be spread over 3 years for tax purposes or repaid to your retirement plan within 3 years to avoid taxation. Retirement plan loan limits are increased to $100,000 or 100% of vested benefits for individuals impacted by a disaster. Repayment of existing retirement plan loans can be delayed by 1 year for those affected by a disaster. You can repay funds withdrawn for a home purchase but not used due to a disaster back into your retirement plan.

This bill simplifies access to retirement funds for individuals affected by federally declared disasters. It allows penalty-free early withdrawals and increases limits on retirement plan loans, also enabling the repayment of funds intended for home purchases if a disaster prevented the acquisition.

Key points

You can withdraw up to $100,000 from retirement funds without extra penalties if you were affected by a federally declared disaster.

Withdrawn amounts can be spread over 3 years for tax purposes or repaid to your retirement plan within 3 years to avoid taxation.

Retirement plan loan limits are increased to $100,000 or 100% of vested benefits for individuals impacted by a disaster.

Repayment of existing retirement plan loans can be delayed by 1 year for those affected by a disaster.

You can repay funds withdrawn for a home purchase but not used due to a disaster back into your retirement plan.

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Expired

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Additional Information

A bill to amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters.

Print number: S 2583

Sponsor: Sen. Cassidy, Bill [R-LA]

Process start date: 2021-08-03

System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.

Summarized by: gemini-2.5-flash-preview-05-20

Source data: api.congress.gov

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Disaster Relief: Easier Access to Retirement Funds

Key Questions about Disaster Relief: Easier Access to Retirement Funds