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Earlier Retirement for Public Safety Officers Without Tax Penalty.

This act modifies rules for early withdrawals from retirement plans for public safety officers. It allows them to withdraw funds without an additional tax penalty if they reach age 50 or complete 25 years of service, whichever comes first. This aims to facilitate their earlier retirement.
Key points
Public safety officers (e.g., police, firefighters) can now withdraw retirement funds without penalty if they are 50 or have 25 years of service.
This change enables earlier retirement without losing a portion of savings due to early withdrawal penalties.
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Expired
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Additional Information
Print number: 117_S_4314
Sponsor: Sen. Toomey, Patrick [R-PA]
Process start date: 2022-05-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting Public Safety Employees' Timely Retirement Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4314.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-05-26.

What are the main provisions?

Key points include:

  • Public safety officers (e.g., police, firefighters) can now withdraw retirement funds without penalty if they are 50 or have 25 years of service.
  • This change enables earlier retirement without losing a portion of savings due to early withdrawal penalties.
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 Sen. Toomey, Patrick [R-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

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

CATEGORIES

Taxes Benefits Labor