Retirement Penalty Exemption for State and Local Corrections Officers
This bill extends the exemption from early withdrawal penalties for retirement plans to state and local government corrections employees. This means these individuals, similar to public safety officers, can access their retirement savings earlier in specific situations without incurring additional fees.
Key points
State and local corrections officers gain the right to early retirement plan withdrawals without penalty.
The change also applies to forensic security employees providing care for forensic patients.
New rules will apply to tax years beginning after the act's enactment date.
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