arrow_back Back to App

Retirement Rollover Simplification: New Rules for Over 50s

This act simplifies the process for individuals aged 50 and older to transfer funds from employer-sponsored retirement plans to individual retirement annuities. It also establishes clear guidelines for informing citizens about the tax implications of such transfers, helping them make informed decisions about their retirement savings.
Key points
Individuals aged 50 and over can now transfer a portion of their employer-sponsored retirement savings to an individual retirement annuity, even while still employed.
Simplified and clear information on rollover rules, including taxes and deadlines, is now provided to make the process easier to understand.
The act specifies which types of distributions cannot be rolled over, such as required minimum distributions or hardship distributions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_10467
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2024-12-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Retirement Simplification and Clarity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10467.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-12-18.

What are the main provisions?

Key points include:

  • Individuals aged 50 and over can now transfer a portion of their employer-sponsored retirement savings to an individual retirement annuity, even while still employed.
  • Simplified and clear information on rollover rules, including taxes and deadlines, is now provided to make the process easier to understand.
  • The act specifies which types of distributions cannot be rolled over, such as required minimum distributions or hardship distributions.
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 Rep. Panetta, Jimmy [D-CA-19].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Benefits