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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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Additional Information
Print number: 117_S_4314
Sponsor: Sen. Toomey, Patrick [R-PA]
Process start date: 2022-05-26